|[March 04, 2014]
OGT Expands Leadership in Genomic Medicine with Acquisition of Cytocell Ltd
OXFORD & CAMBRIDGE, England --(Business Wire)--
Oxford Gene Technology (OGT), a provider of innovative genetics research
solutions, today announced the acquisition of Cambridge-based Cytocell
Limited (Cytocell), a leading provider of DNA technology for the
detection of gene rearrangements related to inherited genetic disease
Key benefits of the acquisition are summarised below:
Expansion of OGT's genomic medicine offering. Cytocell's
portfolio of Fluorescence In Situ Hybridisation (FISH) probes
complements OGT's CytoSure™ cytogenetics array and next
generation sequencing products.
Entry into the large and growing market for FISH products. The
market for FISH products is currently estimated to be worth $295m,
growing at 19% per annum.*
Enlargement of the product offering to North American customers. OGT
has a dedicated North American cytogenetics sales team already in
place. This team will work with Cytocell's current distributor,
Rainbow Scientific Inc., to provide an enhanced service and
Strengthening of OGT's distributor network. Cytocell currently
develops and supplies its range of over 300 products to more than 60
countries through a network of distributors, apart from in the UK and
Germany where it sells directly to the end user.
Development of new products. Cytocell's proprietary collection
of 34,000 Bacterial Artificial Chromosome (BAC) clones provides a
unique source of potential new products.
Financially beneficial to the enlarged Group. Cytocell is a
profitable company with sales of £4.5m and growing at 20% in the last
financial year. The deal will be immediately accretive upon
Added experience to the management team. Cytocell's Managing
Director Dr Martin Lawrie will join OGT's executive committee.
The acquisition was funded through cash augmented with a debt facility
provided by Silicon Valley Bank, highlighting the Bank's commitment to
the life science market in the UK. No financial details are being
Dr Mike Evans, CEO of OGT said, "The acquisition of Cytocell underscores
our commitment to becoming a global leader in genomic medicine. Cytocell
brings to the OGT Group, innovative DNA technology, an excellent team
and a strong brand with a reputation for high-quality FISH products.
This is a great opportunity to add to our portfolio of class-leading
technologies and position ourselves for growth across new geographical
markets and customer application areas."
Dr Martin Lawrie, Managing irector of Cytocell said, "This is an
excellent strategic fit for both Cytocell and OGT. The aim is to
continue to develop and produce our world-renowned FISH-based diagnostic
products from our facility in Cambridge and take advantage of OGT's
established sales and marketing infrastructure in the US and Europe as
well as its innovative science to expand the markets for these products.
We very much look forward to being part of the OGT Group."
Nooman Haque, Director of Life Science at Silicon Valley Bank's UK
Branch added, ""The acquisition of Cytocell will further propel OGT's
business in life science products. I'm delighted that Silicon Valley
Bank supported the management team in completing the transaction".
Notes for Editors:
About Oxford Gene Technology
Oxford Gene Technology (OGT) provides world-class genetics research
solutions to leading clinical and academic research institutions.
Founded by Professor Sir Edwin Southern, OGT has helped pioneer the
molecular medicine revolution by enabling smarter decision making in
human healthcare. With customers in over 30 countries worldwide and
ambitious expansion plans, OGT has a strong reputation and increasing
share in the large and growing genomic medicine market. The Company's
CytoSure™ and Genefficiency™ range of microarray and next generation
sequencing products and services deliver high-quality, high-throughput
genetic analysis, enabling accurate identification of the causative
variation underlying genetic disease.
For more information on the Company, please visit our website at www.ogt.com
CytoSure™ and Genefficiency™ NGS browser/report: For Research Use
Only; Not for Use in Diagnostic Procedures.
About Cytocell Limited
Cytocell is a leading European developer and manufacturer of FISH probes
for use in both routine cytogenetics and in the analysis and
classification of cancers. The Company's products are well established
in cytogenetics as the Company is currently celebrating its 23rd
year of supplying them to this market. More recently, the Company has
focused on developing products for oncology and now has a catalogue of
some 350 products for cytogenetics, haematology and solid tumour
analysis as well as developing custom FISH probes for customers with
specific interests under the myProbes® brand. Cytocell's
products are available through a well-established distributor network,
covering more than 60 countries worldwide. Cytocell's FISH probe service
is currently proving to be invaluable to cancer researchers and
For more information on the Company, please visit our website at www.cytocell.com
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science,
cleantech, venture capital, private equity and premium wine businesses.
SVB Financial Group provides industry knowledge and connections,
financing, treasury management, corporate investment and international
banking services to its clients worldwide through 28 U.S. offices and
six international operations. (Nasdaq: SIVB) www.svb.com/uk
Silicon Valley Bank is authorised and regulated by the California
Department of Financial Institutions and the United States Federal
Reserve Bank; authorised by the Prudential Regulation Authority with
number 577295; and subject to regulation by the Financial Conduct
Authority and limited regulation by the Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential Regulation
Authority are available from us on request.
The genomics market
The total genomics market has recently been forecast to reach $19
billion by 2018.* Current estimates put the cytogenetics market within
which OGT operates at $1.5 billion by 2018, of which microarray accounts
for $962m and FISH $590m.**
* MarketsandMarkets "Genomics Market by Products - [Instruments (NGS
platform, Microarray, RT-PCR (News - Alert)), Consumables (Genechips, Reagents for DNA
Extraction & Purification, Sequencing)], Services (Sequencing &
Microarray Services, and Software) - Global Forecast to 2018"
** Transparency Market Research "Molecular Cytogenetics Market
(Technologies: FISH and aCGH; Applications: Genetic Disorders, Cancer
and Personalized Medicine) - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2013 - 2019,
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