LEEDS, U.K., June 26, 2002 (PRIMEZONE) -- Medical Solutions plc, the specialist healthcare company, announces that it has reached an agreement with Peterborough Hospital Trust, a "three star" Trust, to acquire Peterborough Cellular Pathology Services (PCPS). PCPS produces characterised biomaterials from tissue, supplying both academic and commercial needs.
The acquisition of PCPS will strengthen PathLore's leading position in offering high quality cellular and molecular based support services to the drug discovery and Biotechnology Industry. Pathlore intends to build on the reputation of PCPS and will provide the investment and resource framework required to launch a range of biomaterial products and specialist services necessary to support the huge demand for characterised biomaterials which are used in new drug discovery and proteomic based research, in both the academic and the commercial sector. PCPS currently provides support to the Peterborough Hospitals NHS Trust Research Tissue Bank.
Human tissue based services with specialist preparation and characterisation are a critical element for pharmaceutical companies in identifying new targets in the development of drug treatments. The acquisition of PCPS provides PathLore with access to Biomaterials processing and the Trust with investment. The ultimate aim is to assist in the process of fast tracking the development of new therapeutic opportunities from the laboratory to the clinician.
Neil Gray, Commercial Services Manager, PCPS, has been seconded to PathLore with immediate effect, where he will focus on developing the pharmaceutical element of PathLore's business.
Chris Womack, Consultant Histopathologist at Peterborough Hospital Trust, will join PathLore's Medical Advisory Board with special responsibility for the pharmaceutical element of PathLore's business.
Turnover to March 2002 in P.C.P.S. was 224,000 (Pounds) with profit of 58,000 (Pounds). Consideration paid to the Peterborough Trust will consist of a licence fee of 100,000 (Pounds) per annum, and collaboration with Medical Solutions in pathology and cytology services and technologies.
In a related acquisition Medical Solutions plc announces that it has acquired Histological Solutions Limited, from Neil Gray, Chris Womack, and Steven Jack for a consideration of 100,000 (Pounds), payable by the issue of 445,008 Medical Solutions plc shares to the value of 97,902 (Pounds), and 2,098 (Pounds) in cash. HSL has expertise in tissue array technology and protocols for protein expression profiling and antibody target evaluation. It was established in January 2001 to facilitate the rapid development of technical support and medical histopathology based services for the commercial biomedical sector.
Charles Green, Chief Executive, commented: "This deal will benefit both parties. Peterborough Trust will enjoy commercial, financial and technology benefits. PathLore is currently in discussions with several pharmaceutical companies and the acquisition of PCPS will further strengthen our position in this increasingly important market."