Agenix Limited (AGX) announced it had entered an agreement with Tyrian Diagnostics Limited (TDX) to license its rapid point-of-care human diagnostic technology in a share exchange transaction. Under the terms of the agreement, Agenix will license exclusive world-wide royalty free rights to the human health application for Tyrian’s proprietary DiagnostIQ® rapid point-of-care test platform. In return, Agenix will provide Tyrian with Agenix shares to the value of $0.5 million payable in installments to be completed by June 2014. The DiagnostIQ® platform comprises a patented disposable test device which can be used for various applications either alone or together with the DiagnostIQ® Reader for various human, animal and agricultural applications to determine action to be taken at the PoC (human and veterinary tests) or PoN (agricultural and environmental tests). Agenix has licensed the rights to develop the DiagnostIQ® platform for human health applications and aims to develop the technology into a micro-array device so that it will process multiple human health diagnostic tests on the one system.
Agenix Limited Chairman and Chief Executive Officer Nicholas Weston said, “This acquisition advances our product pipeline and adds to our human health diagnostics business. “We now have a platform for human health array and micro-array technology developers globally, as well as a medical device product for our expanding China business.” Tyrian Limited Chairman, Roger Amos said the licence agreement with Agenix was part of the company’s continued efforts by Tyrian to monetise its diagnostic testing assets following the recent company restructuring. It follows a 2011 licence to SpeeDx Pty Ltd for active TB testing approaches outside of the antibody field.
Agenix is a public, clinical-stage company focused on the discovery and development of innovative monoclonal antibody blood clot diagnostics, and small molecule drugs for the treatment of hepatitis B and other serious diseases.