US-based Modern Mobility Aids has announced an agreement with Canada's ACGT to integrate its resources and expertise with LumiGene Technologies, to develop and commercialise molecular diagnostic products.
Lumigene is a Canadian molecular diagnostics company focused on developing point-of-care (POC) products, which will help healthcare professionals with the rapid and accurate detection of a number of specific pathogens and infectious diseases.
Modern Mobility Aids and LumiGene have agreed to extend the closing of the share purchase agreement to 30 November 2012, in order to focus all the resources on marketing LumiGene products.
Modern Mobility Aids president and CEO Antonio Domingues said: "The involvement of ACGT combined with the staff of LumiGene will greatly help our efforts to bring the products to market in a timely manner, while reducing costs significantly."
Recently, Modern Mobility Aids signed a definitive agreement to take over LumiGene Technologies, intended to address the growing demand for less time-consuming and cost-effective methods of DNA testing and diagnosis of infectious diseases at point-of-care.
ACGT offers DNA services and is engaged in developing and commercialising DNA-based testing equipment.