Alpha Innotech to Be Sold
Alpha Innotech reported a working capital deficiency as of June 30, cash and cash equivalents of $265,595, and total debt of $2.4 million. In July, the company reported that GE had terminated its OEM agreement for imaging systems, effective May 2010. Sales to GE accounted for 18% of revenues last year.
Santa Clara, CA 9/8/09—Cell Biosciences has agreed to acquire Alpha Innotech for $1.50 per share (a 70.5% premium over the September 4 price), or $17.9 million in cash, and the assumption of $2.1 million in debt. Alpha Innotech provides digital imaging systems, including gel documentation systems. Based in San Leandro, California, the company reported 2008 revenues of $17.6 million and has 62 employees. Cell Biosciences has 49 employees and is the maker of the CB1000 nanofluidic immunoassay platform for protein characterization. Cell Biosciences has signed agreements to raise an additional $19 million in cash in a second closing of a Series C and Series D Preferred Stock financing led by the The Wellcome Trust. (For Alpha Innotech’s second-quarter results, see page 12.)
