NEW YORK – Qualigen Therapeutics announced on Tuesday that it has entered into an agreement to acquire a majority stake in Israeli diagnostics technology company NanoSynex.
Based in Carlsbad, California, Qualigen is a life sciences company focused on developing treatments for adult and pediatric cancers with potential for orphan drug designation as well as commercializing diagnostics. NanoSynex, meanwhile, has developed an antimicrobial susceptibility testing platform that uses phenotypic analyses and a microfluidic disposable test card to help quickly pair the correct antibiotics to patients' infections.
The controlling interest will be comprised of a stock-for-stock acquisition, Qualigen said in a statement, as well as an initial $600,000 cash investment in NanoSynex.
Qualigen expects to consolidate the financial results of NanoSynex and to provide future milestone-based funding leading to the commercialization of the AST technology. It also envisions future synergies of its proprietary FastPack immunoassay diagnostics platform with the NanoSynex technology to strengthen its diagnostics business.
"We look forward to collaborating with the dynamic team at NanoSynex to help develop and commercialize this potentially game-changing technology," said Michael Poirier, Qualigen's chairman and CEO. "Acquiring a majority stake in NanoSynex will provide us with the opportunity to leverage our long-standing diagnostics development, regulatory, and commercial expertise as we expand our footprint as a diversified life sciences company," he added.
Diane Abensur Bessin, cofounder and CEO of NanoSynex, said that NanoSynex and Qualigen "share the same goal to provide clinicians with the solutions they need to treat patients more readily, accurately, and effectively."