BCAL Diagnostics (ASX:BDX) has taken a strategic minority stake in fellow ASX-listed company Genetic Signatures by acquiring 23,173,644 shares, representing 10.2 per cent of the business, for cash consideration of $1.4 at 6 cents per share.
The deal gives BCAL exposure to an established molecular diagnostics platform and paying customers across Australia, the UK and the US, and opens potential channels into Asia Pacific, EMEA and the US.
BCAL said the investment is a way to add an infectious disease diagnostics pillar to its existing early cancer detection business, linking Genetic Signatures EasyScreen PCR products and 3base technology with BCAL’s oncology liquid biopsy and breast cancer test offerings.
Genetic Signatures has already secured FDA 510(k) clearance for its EasyScreen Gastrointestinal Parasite Detection Kit and its GS1 automated workflow, and maintains validated PCR manufacturing capability for CE IVD and FDA-cleared products, providing the company with regulatory and manufacturing infrastructure that BCAL considers valuable.
BCAL Chief Executive Officer Anne Louise Arnett said, “This is a great way for BCAL to establish a strategic position in a complementary diagnostics company with existing infrastructure, international market access channels and the potential to support broader growth opportunities over time, complementing our oncology diagnostics portfolio, including Avantect and BREASTESTplus 2.0."
BCAL Chair Jayne Shaw said, “Genetic Signatures gives BCAL exposure to an additional diagnostics pillar in infectious disease, while supporting our broader strategy to build a stronger diagnostics platform across cancer and molecular testing. We see many ways to work together for the benefit of both companies.”
