Chantilly, VA (PRWEB) October 22, 2004
Capital Genomix, Inc. (privately held) announced today it has divested of its instrumentation division, Dynex Technologies. The acquiring entity was Magellan Biosciences, Inc.; financial terms were not disclosed. ÂThis transaction is important to the future of both Capital Genomix and Dynex,Â said James Wishart, CEO of Capital Genomix. ÂThis transaction will provide Capital Genomix with the necessary working capital to accelerate our drug discovery and development programs. With respect to Dynex, it will be aligned with a first class organization which is focused primarily on instrumentation. We view this as a win Â win deal for both companies.Â Mr. Wishart added.
Magellan Biosciences, which is majority owned by Ampersand Ventures (Wellesley, MA), was established to build a leading life science tools company through a combination of internal growth and acquisitions. Magellan previously acquired ESA, Inc. (Chelmsford, MA). Magellan expects to generate consolidated revenues in excess of $30 million in 2004. Dynex will operate as a subsidiary of Magellan, as will previously acquired ESA. Boston Community Venture Fund is also an investor in Magellan.
About Dynex Technologies, Inc.
Dynex was founded in 1952 and currently employs 46 people in its Chantilly, VA facility and subsidiaries, Dynex Technologies Ltd and Dynex Technologies GmbH. Dynex sells products used in clinical diagnostics, drug discovery and biomedical research. DynexÂs products incorporate advanced detection, and fully-automated sample handling. For more information, visit http://www.dynextechnologies.com.
About Capital Genomix, Inc.
Capital Genomix, a biotechnology company located in Gaithersburg, MD, possesses two powerful and proprietary genomic and proteomic drug development technology platforms. Capital Genomix intends to couple these platforms Â GeneSystem320Â (GS320Â) for analytical study of genes and gene expression and ImmunoMouseÂ for the development of specific antibodies against genetic sequences of biological significance Â into a unified, end-to-end gene discovery, functional analysis and target validation system. Capital Genomix intends to utilize these technologies to enable biopharmaceutical collaborators to go from gene study and discovery through functional analysis and target validation and directly to potential therapeutic agents and diagnostic targets. For more information, visit http://www.capitalgenomix.com
This press release may contain forward looking statements regarding, among other matters, the Company's future prospects. Forward looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. In addition to the general risks associated with the slowdown in the medical device industry and with development of complex technology, future results of the Company will depend on a variety of factors, including the timing of significant orders, the ability of the Company to timely manufacture and deliver ordered products, the ability of the Company to bring new systems to market, the timing of new product releases by the Company's competitors and other competitive factors.
Capital Genomix, Inc.
Bill Hearl, Ph.D., 301-977-3271
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