BIOSYNEX Group subsidiary Chembio Diagnostics has acquired the FastPack diagnostics business from Qualigen Therapeutics in an all-cash transaction.
In 2001, Qualigen launched the FastPack diagnostics platform, which is a rapid and accurate immunoassay testing system.
The testing system features the FastPack analyser and the FastPack test pouch also, which is a single-use and disposable foil packet that comes with the FastPack reagent chemistry.
Furthermore, the company offers two versions of its analyser and test pouch: 1.0 and IP. Its assay menu consists of ten tests, which include prostate cancer, thyroid function, metabolic disorders and research applications.
The deal allows Qualigen to further optimise operations and focus more on its therapeutics pipeline with additional capital, specifically QN-302, as well as its pre-clinical pan-RAS inhibitor platform.
The QN-302, which is the small molecule G-Quadruplex selective transcription inhibitor, received orphan drug designation in January this year.
Qualigen chairman and CEO Michael Poirier said: “We are proud of the legacy our FastPack rapid immunodiagnostics system has established by providing patients and doctors with quality laboratory solutions for over two decades.
“However, as we have transitioned our focus to cancer therapeutics, it is appropriate that we re-align our priorities and resources. BIOSYNEX, with their proven track record in rapid diagnostics, has the expertise and resources to further expand FastPack’s footprint throughout the in vitro diagnostics market worldwide.
“In the meantime, we now have the ability to strengthen our efforts towards advancing our cancer therapeutics portfolio and look forward to reporting further developments soon.”
