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Posted: Dec 01, 2010
Nanostart AG Makes Successful Exit in the US
(Nanowerk News) Nanostart holding BioMicro has sold its remaining assets for a profit to US diagnostics company IRIS for 3.2 million US dollars. The asset sold is an analysis product line that automatically performs high-performance tests on the genetic material of somatic cells.
With this transaction, the remaining assets of BioMicro have now been successfully sold. In March of this past year, BioMicro sold its main product – the entire MAUI system line – to global leader Roche within the framework of an asset deal. A portion of revenues from the transaction will be entered as net income on the 2010 annual financial statement. The remaining portion will be applied to the first half of 2011.
With an 8.4 percent holding in BioMicro, Nanostart will receive a corresponding disbursement from the transaction. Upon completion of the upcoming payments, the exit of BioMicro from the Nanostart portfolio will have reached a successful conclusion.
Nanostart CEO Marco Beckmann observes: "The shareholding in this highly innovative company has paid off for us. The transaction marks yet another successful exit and confirms our position as the world's leading nanotechnology investor. With the sale of BioMicro assets to a life science company, Nanostart has achieved its objective."
IRIS International, Inc. is a leading producer of automated laboratory diagnostic systems and provider of high-quality products and tests for personalized medicine, in which individualized medications are developed based on genetic testing. The product line, which has now been sold, allows a special process – "fluorescent in-situ hybridization" – to be conducted. This new acquisition complements the IRIS product palette. Similar devices with less functionality achieve market prices between 35,000 and 60,000 US dollars according to company figures.
Nanostart AG, headquartered in the German financial capital of Frankfurt, is the world's leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences, and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. For further information about the company, please visit www.nanostart.de.