Oxford Immunotec Acquires Immunetics, Inc.
(Thomson Reuters ONE) -
OXFORD, United Kingdom and MARLBOROUGH, Mass., Oct. 12, 2016 (GLOBE NEWSWIRE) --
Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics
company focused on developing and commercializing proprietary tests for the
management of under-served immune-regulated conditions, announced it has today
closed a transaction to acquire Immunetics, Inc., a Massachusetts-based
diagnostics company focused on developing specialized tests for infectious
diseases, such as Lyme disease.
Transaction Structure
Total consideration is comprised of $6 million in cash and up to an additional
$6 million in cash payable on the achievement of certain revenue thresholds and
pipeline related milestones over the next three years.
Acquisition Rationale
* Consistent with strategic vision: Immunetics' business fits well with our
strategy to focus on proprietary tests for under-served immune-regulated
conditions. Immunetics has a long pedigree of designing novel proprietary
assays for under-served infectious diseases.
* Augment offering in the tick-borne disease market: Immunetics' C6 ELISA Lyme
test complements our recently acquired Imugen product offering, augmenting
our product portfolio in the tick-borne disease market.
* Leverages commercial resources: Immunetics' business has a high degree of
call point overlap with both our TB business and that of Imugen. We intend
to leverage our existing sales and marketing infrastructure to increase
Immunetics' revenue growth over time.
"We are very excited about the acquisition of Immunetics. It is another step
towards achieving our vision of becoming a leader in diagnostics for immune-
regulated conditions," said Dr. Peter Wrighton-Smith, Chief Executive Officer of
Oxford Immunotec. "Through this acquisition, we are growing and diversifying our
revenue streams, adding additional proprietary content to build a differentiated
offering in the tick-borne disease market and improving our profitability
profile."
"Immunetics brings a long history of innovative product development in
infectious disease testing, especially in the critical area of emerging
pathogens," said Andrew Levin, Founder and Chief Scientific Officer of
Immunetics. "Oxford's capabilities complement our own, enabling us to realize
the value in our R&D pipeline through a strong commercial partner."
Business Outlook
We expect the acquisition of Immunetics to contribute approximately $0.5 million
in revenues in the fourth quarter of 2016.
We continue to expect to report full year 2016 revenue of
between $82.5 and $84.5 million.
We expect to have over $50 million of cash at the end of 2016, excluding any
draw-downs on our debt revolver.
Conference Call and Webcast
The Company will host a conference call on October 13, 2016 at 8:00 a.m. Eastern
Time to provide more information on this announcement. The call will be
concurrently webcast. To listen to the conference call on your telephone, please
dial (855) 363-5047 for United States callers and +1 (484) 365-2897 for
international callers and reference confirmation code 95418159 approximately ten
minutes prior to start time. To access the live webcast with presentation slides
or an archived recording, visit the Investor Relations section of Oxford
Immunotec's website at www.oxfordimmunotec.com. The replay will be available on
the Company's website for approximately 60 days. The presentation slides will
also be available for download in the Investor Relations section of the
Company's website on October 13, 2016 at 7:00 a.m. Eastern Time.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused
on developing and commercializing proprietary tests for the management of under-
served immune-regulated conditions. The Company's first product is the T-
SPOT(®).TB test, which is used to test for tuberculosis infection. The T-
SPOT.TB test has been approved for sale in over 50 countries, including the
United States, where it has received pre-market approval from the Food and Drug
Administration, Europe, where it has obtained a CE mark, as well as Japan and
China. The company's second product line is a range of assays for tick-borne
diseases, such as Lyme disease, obtained through the acquisition of Imugen. The
T-SPOT.CMV test and the T-SPOT.PRT test are part of the Company's third product
line focused on the transplantation market. In addition to these three product
lines, the Company has additional active development programs in other immune-
regulated conditions. The Company is headquartered near Oxford, U.K. and in
Marlborough, Mass. Additional information can be found
at www.oxfordimmunotec.com.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
Forward-Looking Statements
This release contains forward-looking statements that involve risks and
uncertainties, including statements about our anticipated plans, objectives,
intentions, the anticipated benefits of the transaction, the effects of the
transaction, including effects on future financial and operating results,
prospects for sales of our products and other statements that are not historical
facts. The forward-looking statements in this release are based on current
expectations, assumptions and data available as of the date of this release and
are subject to known and unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by such statements,
including but not limited to: risks related to disruption of management time
from ongoing business operations due to the transaction and the integration of
Immunetics into the Company; the risk that the Company may fail to realize the
benefits expected from the transaction; the risk that the integration of
Immunetics into the Company may not progress as anticipated; the risk that the
announcement of the completion of the transaction could have adverse effects on
the market price of the Company's common stock; decisions by regulatory
authorities, hospitals and other health care institutions, laboratories,
physicians, patients and third party payers that could affect the Company's
business and prospects; as well as our ability to expeditiously and successfully
expand our sales and distribution networks. The risks included above are not
exhaustive. Other factors that could adversely affect our business and prospects
are described under the "Risk Factors" section in our filings with
the Securities and Exchange Commission ("SEC"). Our filings are available for
free by visiting the investor section of our website, www.oxfordimmunotec.com,
or the SEC's website, www.sec.gov.
Investors should give careful consideration to these risks and uncertainties.
Forward-looking statements contained herein are based on current expectations
and assumptions and currently available data and are neither predictions nor
guarantees of future events or performance. You should not place undue reliance
on forward-looking statements contained herein, which speak only as of the date
of this release. We do not undertake to update or revise any forward-looking
statements after they are made, whether as a result of new information, future
events, or otherwise, except as required by applicable law.
CONTACTS:
For Media Inquiries:
Caroline Crawley
Oxford Immunotec
Tel: +44 1235 442796
ccrawley(at)oxfordimmunotec.com
For Investor Inquiries:
Rick Altieri
Chief Financial Officer
Oxford Immunotec
Tel: +1 (508) 573-9953
raltieri(at)oxfordimmunotec.com
Mark Klausner
Westwicke Partners
Tel: +1 (443) 213-0501
oxfordimmunotec(at)westwicke.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oxford Immunotec via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2016 - 22:05 Uhr
Sprache: Deutsch
News-ID 500227
Anzahl Zeichen: 8960
contact information:
Town:
Oxfordshire
Kategorie:
Business News
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