Original from: 360DX

Kent, UK-based point-of-care test developer Psyros Diagnostics on Thursday announced it is being acquired by Prolight Diagnostics, based in Lund, Sweden, for SEK 65 million ($7.1 million).

Payment will be made through the issue of new shares, with 30 percent to be paid within four weeks of acquisition completion and the remaining 70 percent to be paid during the next two years if predetermined milestones are achieved, Psyros said.

Psyros is developing tests using single-molecule counting technology that enables multiplexing and the measurement of biomarkers at femtomolar concentrations in 10 minutes or less at the point of care. 

Together, Prolight and Psyros plan to develop point-of-care tests "not only for cardiac biomarkers, such as high sensitivity troponin, but also for many other clinical areas, including multiplex applications where several biomarkers are tested simultaneously from the same sample," Ulf Bladin, CEO of Prolight Diagnostics, said in a statement. "One of the key strengths of the Psyros single-molecule detection immunoassay is its simplicity and its consequential low cost of production."

Potential future testing applications including neurological pathologies such as dementia and traumatic brain injury; immune system dysfunction such as sepsis and autoimmune disease; and virus detection including SARS-CoV-2, Psyros said.

Its test system consists of a single-use test cartridge and dedicated analyzer that enable testing using a drop of blood. The platform technology could enable the development of tests in numerous clinical areas that have been limited to specialized laboratories, Psyros said, adding that the technology could lead to efficiency gains in clinical diagnostics.

Source: Prolight Diagnostics to Acquire UK Point-of-Care Firm Psyros Diagnostics for $7.1M