Avacta acquires Oxford Medical Diagnostics
7th February 2008
Oxford Medical Diagnostics (“OMD”), a spin-out company of Oxford University, has been purchased by listed detection and analysis company Avacta (AIM: AVCT).
OMD’s laser-based gas detection technologies can be used to analyse gases in industrial settings, and also for diagnosing conditions such as stomach ulcers.
The company aims to launch its first devices for trace gas monitoring on the market in early 2009. Other industrial applications include toxic gas detection for the security and defence industries.
OMD is also working to develop a diagnostic tool that can detect disease such as tuberculosis, asthma, cancers and bacterial infections, using molecules emitted on the breath.
Avacta, originally a spin-out of the University of Leeds, is developing technology which can analyse liquids and solids. The company’s technology can be used to analyse and characterise new biopharmaceuticals very early in their development. In addition, Avacta is developing solutions for the defence and security markets, and has a technical services arm, Avacta Analytical Ltd.
OMD’s "breath test" method was based on research by Professor Gus Hancock's group at the University of Oxford’s Chemistry Department.
Professor Hancock said: “The initial efforts of OMD have been in gas analysis for industrial purposes and an eventual aim is also to develop breath tests as diagnostics of disease. Avacta is already developing diagnostic techniques, and OMD’s clinical diagnostics for breath analysis fit in very well with their existing products.”
Tom Hockaday, Managing Director of Isis Innovation said: “The success of OMD is evidence of the strong entrepreneurial culture at Oxford. OMD is based on technology from the Chemistry Department, which continues to be a rich source of ideas with real commercial prospects.”
Oxford Medical Diagnostics was named as one of the World Economic Forum’s Technology Pioneers 2007.
For more information:
Professor Gus Hancock
Physical and Theoretical Chemistry Laboratory, University of Oxford
T: 01865 275439
Notes for editors:
Isis Innovation is the University of Oxford’s technology transfer company. It provides researchers with commercial advice, funds patent applications and legal costs, negotiates exploitation and spin-out company agreements, and identifies and manages consultancy opportunities for University researchers. It is a subsidiary of the University of Oxford and has established itself as one of the best University technology transfer companies in the UK.
The Department of Chemistry at Oxford has contributed over £80 million to the University as a result of its spin-out activities. Actual realised gains from the departmental spin-outs come to more than £40 million, with about £20 million of unrealised gains in quoted companies, and a further batch of holdings in private companies.