LN Partner, Allan Ritchie, led a team of lawyers consisting of Michael Otto, Eric Kleine (M&A), Matthew Thurlow (Intellectual Property) and Matthew Vella (Employment) in advising NOWDiagnostics Inc. in its acquisition of Canada's ZBx Corporation.
PR Newswire, September 1, 2015
SPRINGDALE, Ark., Sept. 1, 2015 /PRNewswire/ --NOWDiagnostics Inc., based in Springdale, Ark., recently completed its acquisition of ZBx Corporation of Canada, a move that brings the company closer to its vision of a world where people have greater access to information concerning their health.
NOWDiagnostics manufactures and sells a line of unique blood-based rapid tests that allow health care providers to conduct simple-to-use, highly accurate tests for a variety of ailments and diseases. ZBx Corporation, a Toronto-based diagnostic company founded in 2002, develops and manufactures rapid format, point-of-care diagnostic products in both the human and veterinary fields. ZBx's customer base includes Canada, Europe, Asia, Africa, South America and Mexico.
"We are excited about the growth of NOWDiagnostics and what this means for point-of-care testing and the healthcare industry in general. Our acquisition of ZBx, with its deep product portfolio, experienced personnel and broad capabilities, will help us increase the speed at which we are currently developing our tests," said Kevin Clark, chief executive officer of NOWDiagnostics. "The tests we are creating have the potential to revolutionize current medical test protocols and to lower costs to insurance companies and, ultimately, consumers."
NOWDiagnostics is currently developing its ADEXUSDx™ product pipeline consisting of tests in a variety of categories, including food intolerance, common infectious disease, STDs, cardiology, toxicology and screening (from thyroid dysfunction to pregnancy). In addition to human tests, ZBx offers veterinary tests aimed at quickly diagnosing a variety of health conditions.
NOWDiagnostics' tests allow for a one-step process that provides results in five to 15 minutes using only a single drop of whole or capillary blood with no laboratory needed. The company's Springdale, Ark., facility was officially registered with the U.S. Food and Drug Administration in December 2014 and is currently manufacturing the ADEXUSDx™ hCG test for distribution in the United States and five additional tests for distribution in Europe.
"This acquisition of ZBx is a major milestone for NOWDiagnostics and will provide us a strategic roadmap to faster, more efficient market entry," said Jeremy Wilson, chairman of NOWDiagnostics. "Our technology is revolutionary and will change the diagnostics industry for the better. We're excited to bring ZBx's innovative thinking to our team."
ABOUT NOWDIAGNOSTICS INC.
NOWDiagnostics Inc., based in Springdale, Ark., is a leader in innovative diagnostics testing. Its ADEXUSDx™ product line features a lab at your fingertip, using only a single drop of blood to test for a variety of common conditions, illnesses and diseases with results in a matter of minutes. By eliminating the need to send tests to off-site laboratories, NOWDiagnostics has the potential to decrease by days the waiting period to determine test results. The company is currently offering an hCG (pregnancy) test in the United States and Europe, and two cardiac (heart attack) tests and three toxicology tests in Europe. Additional tests are in the development pipeline, including sexually transmitted diseases, more cardiac (heart attack), food intolerances, common infectious diseases and a variety of screening tests. NOWDiagnostics is funded by Bentonville, Ark.-based NewRoad Ventures, a company investing in emerging companies in a variety of growing industries, including retail, consumer packaged goods, health and wellness, data, e-commerce, environmental water quality and logistics. For more information about NOWDiagnostics, visit www.nowdx.com. For more information about the ADEXUSDx™ hCG test, including, among other things, its intended use, features, benefits and limitations, and directions for use, visit http://www.nowdx.com/products/hcg.
ZBx, based in Ontario, is a private biomedical company that was founded in 2002 to develop and manufacture rapid format, laboratory and point of care diagnostic products in the human and veterinary fields. The company has created the platform development and licensing of two test cartridge designs for serum, plasma or whole blood – the ZAP™ and ZAP Micro™ brands. Visit www.zbx.ca for more information.