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Posted: February 25, 2009
Nanoco Bought in Reverse Takeover by Evolutec Group
(Nanowerk News) Nanoco has been bought in a reverse takeover deal which values the enlarged business at £32m.
Nanoco Technologies manufactures fluorescent nano-crystals, known as quantum dots, and works with electronics companies to produce extremely pure colours within LEDs and electronic displays.
The company, which has its global headquarters in Grafton Street, has been bought by AIM-listed healthcare and technology investment company Evolutec Group. The enlarged company will be known as Nanoco Group.
Chief executive Dr Michael Edelman said: "This acquisition represents the next milestone in Nanoco's rapid development.
"Nanoco has grown by focusing its efforts on the development and mass production of high performance quantum dots and working to get these exciting materials into the market by partnering with strategic quantum dot application developers around the world.
"Admission to the AIM Market of the London Stock Exchange allows the company to continue to further strengthen its shareholder base and balance sheet and gives Nanoco the resources needed to meet the growing demand for its products."
Nanoco was founded in 2001 by two academics from Manchester University - Professor Paul O'Brien and Dr Nigel Pickett - to advance the development of quantum dots.
The company has raised £4.1m of private equity funds to continue the development of the technology since 2001 and now sells its products to universities, commercial and government research laboratories in Europe, America and Asia.
Its products are used in television screens, computer displays, mobile phone display as well as solar energy products and health care.
Nanoco turned over £1m in its last financial year and posted losses of £550,000. Shares in the enlarged Evolutec Group will become effective from the end of April.