According to the agreement signed on June 27th, 2005, Quattromed AS obtains two FIT Biotech non-core business areas – latex allergen testing based on proprietary technology platform and business area of production of monoclonal antibodies. Both business areas are complementary to Quattromed current product portfolio.
“The divestment from above-mentioned business areas is a logical step of restructuring and refocusing our activities”, said CEO & President of FIT Biotech Plc, Dr Kalevi Reijonen. “The main focus of our Company in 2005-2007 is the development of GTU technology platform – a very promising approach in the field of gene therapy against HIV/AIDS and other diseases. Quattromed AS has solid production capabilities in both business areas and the company has maintained its operating efficiency despite of fast growth they have faced during the few past years.”
According to the agreement, the purchase price comprises of fixed payments and royalties based on sales volumes that are kept confidential according to the agreement.
“Antibodies for research purposes have been an integral part of our product portfolio already for four years, additional products make good fit with our existing business,” CEO of Quattromed AS, Mr Erki Mölder said. “Technology platform for latex allergen testing we obtained from FIT Biotech Oyj is unique and it gives us a strong competitive advantage in the growing markets of the Asian countries.”
FIT Biotech (www.fitbiotech.com) is an innovative medical biotechnology company based in Tampere, Finland and Tartu, Estonia engaged in the development and commercialisation of its proprietary Gene Transport Unit (GTU) technology and GTU product applications in DNA vaccination as well as in immuno- and gene therapies. Company has 40 employees.
Quattromed AS (www.quattromed.ee) is a spin-off company of Tartu University acting as a partner in the field of molecular diagnostics for over 30 healthcare institutions in Estonia. Quattromed AS is also engaged in selling tools and services in the proteomics research area outside Estonia. Company employs 29 persons. IPR portfolio contains seven patent applications, two trademarks and over twenty technology licenses.
Quattromed AS – Erki Mölder, +372 514 7243
FIT Biotech Plc – Kalevi Reijonen, +358 408 435 695