OXFORD, United Kingdom and MARLBOROUGH, Mass., Aug. 5, 2014 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, commercial-stage diagnostics company committed to improving patient care by providing advanced, innovative tests in the field of immunology, today announced that it has acquired substantially all of the assets of Boulder Diagnostics Inc. Boulder Diagnostics is a private diagnostics company based in Boulder, Colorado that is developing immunology-based assays for rheumatology and infectious diseases.
In the transaction, which closed on July 31, 2014, Oxford Immunotec made an upfront cash payment of $1.8 million and may make up to $6.1 million in contingent milestone payments that could ultimately bring the total purchase price to $7.9 million.
The $1.8 million upfront payment was made from the Company's existing cash reserves. The milestone payments are contingent on clinical, intellectual property and commercial launch milestones for the products under development. The company does not expect any material change to its revenues as a result of this acquisition and estimates it will incur additional operating expenses of $1.5-$2.0 million in the remainder of 2014.
"I am pleased to announce the acquisition of these assets from Boulder Diagnostics. This is an additional step in our strategy to build a leading immunology-focused diagnostics company," said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "This acquisition brings us three additional early-stage pipeline opportunities, using complementary immune-measuring technology, in the field of rheumatology. Each opportunity has the potential to address key unmet clinical needs and is well suited to our growing commercial infrastructure. We will continue Boulder's development work on these products alongside the independent development of additional tests based on our T-SPOT® technology platform."
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, commercial-stage diagnostics company committed to improving patient care by providing advanced, innovative tests in the field of immunology. The proprietary T-SPOT technology platform measures the responses of specific immune cells, known as T cells, to inform the diagnosis, prognosis and monitoring of patients with immunologically controlled diseases. T cells are a central component of the human body's immune system, and are implicated in the control and progression of many medical conditions, including certain types of infectious diseases, cancers and autoimmune diseases. The Company's initial product developed using the T-SPOT technology platform is the T-SPOT®.TB test, which is used to test for latent 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 is headquartered near Oxford, UK and in Marlborough, MA. Additional information can be found at www.oxfordimmunotec.com.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
About Boulder Diagnostics
Boulder Diagnostics is a private diagnostics company based in Boulder, CO, that is developing immunology-based assays for rheumatology and infectious diseases. The primary focus of Boulder Diagnostics is on three products: Spirofind® – an assay to assist in the diagnosis of Lyme disease in both early and late-presenting forms, GoutifindTM – an assay to assist in the diagnosis of Gout, obviating diagnosis by joint puncture, and StratokineTM – an assay to help select biologics for autoimmune disease based on monitoring and prognosis of drug response.
This release contains forward-looking statements, including statements regarding future success of the company. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. Factors that could cause actual events or results to differ materially from those described in this press release include, among others: uncertainties as to the cost, timing and results of development activities involving diagnostic products; the ability to obtain approval for future products and market acceptance for approved products; general economic and business conditions; and other risks detailed in Oxford Immunotec's prior press releases and public periodic filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. 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.
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Source: Oxford Immunotec