SYGNIS to Add Multi-surface Immunoassay Technology

Heidelberg, Germany and Cambridge, UK 3/19/18; Heidelberg, Germany and Cambridge, UK 3/20/17—Publicly held SYGNIS has announced its intention to acquire Australia-based TGR Biosciences, a protein-capture technology company, for €6.5 million ($8.0 million at €0.81 = $1) in cash, in addition to post-completion and earnings payouts. TGR Biosciences’ trailing 12-month sales are expected to total €3.6 million ($4.4 million) at the time of closing, with a three-year CAGR of 23% and EBITDA of approximately 40%. “We are very excited about this acquisition, as this will add immediately to our top and bottom line,” said Sygnis CEO and CSO Dr. Heikki Lanckriet. “We are not only strengthening our technology portfolio and our customer base, but this will significantly increase our business scale and our visibility in the market.” TGR Biosciences’ will be sold under Sygnis’ Expedeon brand.

To fund the purchase, Sygnis raised €4.2 million ($5.2 million) through a private placement of shares, including 3 million new shares at a price of €1.40 ($1.73) per share. The company plans a €2 million ($2.5 million) debt financing to complete the deal.

With the purchase, Sygnis will add TGR Biosciences’ CaptSure single-plex and multiplex immunoassay technology, which can be used with ELISAs, beads and lateral flow systems. According to TGR Biosciences’ website, it has licensed its technology to three companies. Past press releases announce partnerships with Abcam and PerkinElmer.

< | >