Inverness to Acquire Matritech

Inverness Medical Innovations and Matritech announced they have entered an agreement under which Inverness will acquire substantially all of the assets of Matritech for $36 million, payable in shares of Inverness common stock. In addition, Inverness will pay Matritech up to $2 million, in cash and/or Inverness common stock, after the achievement of certain revenue targets for the 12-month period following the closing, the companies said.

Matritech is a developer and marketer of protein-based diagnostic products for the early detection of cancer. The company’s leading product, the NMP22 BladderChek Test, is a point-of-care test cleared by the FDA for both the diagnosis and monitoring of bladder cancer. Inverness, a manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, said it expects opportunities to develop between Matritech and its existing point-of-care organization, as well as with those of other recently acquired companies.

The board of directors of Matritech has agreed to the dissolution of the corporation, subject to stockholder approval, after the closing of the asset sale. Matritech said it expects that the complete dissolution process may take several years.