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BioTrove Forms New Subsidiary

Posted on: Thu, 12 Nov 2009 00:19:00 EST

Symbols: LIFE

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Nov 12, 2009 (Close-Up Media via COMTEX) --
LIFE | Quote | Chart | News | PowerRating -- BioTrove said that it is forming a subsidiary named Biocius Life Sciences to hold the assets of the RapidFire Business Unit.

In a release, the Company noted that upon completion of Life Technologies proposed acquisition of BioTrove, also announced, Biocius Life Sciences will be spun-out as an independent operating company.

The current BioTrove investors will continue to support the Biocius subsidiary and proposed eventual spin-out. Led by Chairman and Chief Executive Officer Jeffrey Leathe, RapidFire's experienced team of scientists and engineers will also remain intact. According to Leathe, "Effective at the closing of the proposed sale of BioTrove to Life Technologies, Biocius, through the RapidFire brand, will intensify its focus on pioneering new efforts toward eliminating bottlenecks in the drug discovery pipeline. We plan to expand our portfolio of products and service capabilities--creating additional value for our many pharma and biotech customers. Biocius has a strong pipeline of products and services and will be well capitalized and positioned in the marketplace to continue as a technology leader in drug discovery solutions."

BioTrove said that the RapidFire business unit is comprised of solid, propriety technologies and the proposed formation of Biocius is a logical, strategic step to foster rapid growth. RapidFire almost doubled its 2008 sales, successfully launching the RF 300 system for in vitro ADME; expanding geographically by installing several systems across Europe and Canada, and by entering a distribution arrangement in Asia. "This is a wonderful opportunity for the RapidFire team to focus on our clients, scientific collaborations and business goals," said Dr. Can 'Jon' Ozbal, Biocius Chief Operating Officer and former Vice President of the RapidFire Business Unit. "We can now exclusively drive the high-throughput screening portfolio and concentrate on our application areas of Lead Discovery and in vitro ADME. The entire team that has been the dynamic force behind the RapidFire brand will move to Biocius, ensuring a smooth transition for our clients and business partners."

BioTrove, Inc. offers two technology platforms: OpenArray, which advances genomic research in a range of life science fields, including agriculture, disease research, and public health, and RapidFire, which enables the acceleration of drug discovery and pipeline decisions.

((Comments on this story may be sent to health@closeupmedia.com))

For full details on Life Technologies Corporation (LIFE) LIFE. Life Technologies Corporation (LIFE) has Short Term PowerRatings at TradingMarkets. Details on Life Technologies Corporation (LIFE) Short Term PowerRatings is available at This Link.

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