MINNEAPOLIS and MOUNTAIN VIEW, Mo., June 22,
2022 /PRNewswire/ -- Bio-Techne Corporation
(NASDAQ:TECH), a global life sciences company providing innovative
tools and bioactive reagents for the research and clinical
diagnostic communities, today announced it has reached an agreement
to acquire Namocell, Inc. Bio-Techne anticipates the acquisition to
close in the first quarter of its fiscal 2023.
Founded in 2014 and headquartered in Mountain View, California, Namocell is a
leading provider of fast and easy to use single cell sorting and
dispensing platforms that are gentle to cells, and preserve cell
viability and integrity. Single cell selection and sorting is a
critical technology in various workflows in both biotherapeutics
and diagnostics, including cell and gene therapy development and
commercialization, cell engineering, cell line development, single
cell genomics, antibody discovery, synthetic biology, and rare cell
isolation.
Historically, researchers relied on flow cytometry sorting
methods like FACS (Flourescence-Activated Cell Sorting) or manual
pipetting methods for single cell sorting and isolation. Most
flow cytometry sorting methods inflict potentially damaging stress
on cells, are costly and difficult to operate, and require large
numbers of cells. Similarly, manual pipetting methods are
inefficient, unreliable and time consuming. Namocell's proprietary
single cell technology uniquely combines microfluidics, flow
cytometry and liquid dispensing to achieve sorting and dispensing
in a single step, while eliminating the risks associated with
traditional FACS such as clogging and cross-contamination.
Namocell's instrument portfolio includes Pala, a 2-laser system with up to 11
fluorescent detection channels and Hana, a single-laser system with
2 fluorescent detection channels. With unparalleled speed and ease
of use, both systems utilize Namocell's proprietary single-use cell
cartridges to deliver single cells from sample to plates in
minutes. Namocell's current installed base is approaching 200
placements, including approximately 60 instruments sold in calendar
2021.
"Namocell is very complementary to Bio-Techne's existing Cell
and Gene Therapy franchise and we anticipate significant commercial
synergies as we leverage our existing analytical tools sales force
to penetrate this market opportunity," said Chuck Kummeth, President and Chief Executive
Officer of Bio-Techne. "Emerging technologies in cell-based
research as well as next-generation therapeutics have created a
need for fast, reliable, easy-to-use, and gentle cell sorting.
Namocell's instruments offer unparalleled performance advantages
over traditional flow cytometry and manual techniques and we
anticipate continued traction with its leading portfolio of cell
sorting technologies. We are excited to welcome Namocell to the
Bio-Techne team."
"We are very excited to be joining Bio-Techne," said Dr.
Junyu Lin, Chief Executive Officer
of Namocell. "Bio-Techne's global reach and strategic deployment in
cell and gene therapy will enable Namocell to accelerate its
penetration into the global markets, particularly in cell
engineering and cell therapy applications, our biggest and fastest
growing sectors. We look forward to beginning the next chapter of
growth as part of Bio-Techne."
Fredrikson & Byron, P.A. is serving as Bio-Techne's legal
counsel. Wilson Sonsini Goodrich
& Rosati is serving as legal counsel to Namocell.
Forward Looking Statements:
Our press releases may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act. Such
statements involve risks and uncertainties that may affect the
actual results of operations. Forward looking statements in this
press release include statements regarding our belief about the
market applications and impact of our pending acquisition of
Namocell, Inc. and our ability to derive advantages from this
acquisition as we integrate it into our business. The following
important factors, among others, have affected and, in the future,
could affect the Company's actual results: the effect of new
branding and marketing initiatives, the integration of new
businesses and leadership, the introduction and acceptance of new
products, the funding and focus of the types of research by the
Company's customers, the impact of the growing number of producers
of biotechnology research products and related price competition,
general economic conditions, customer site closures or supply chain
issues resulting from the COVID-19 pandemic, the impact of currency
exchange rate fluctuations, and the costs and results of research
and product development efforts of the Company and of companies in
which the Company has invested or with which it has formed
strategic relationships.
For additional information concerning such factors, see the
section titled "Risk Factors" in the Company's annual report on
Form 10-K and quarterly reports on Form 10-Q as filed with the
Securities and Exchange Commission. We undertake no obligation to
update or revise any forward-looking statements we make in our
press releases due to new information or future events. Investors
are cautioned not to place undue emphasis on these statements.
About Bio-Techne Corporation (NASDAQ: TECH)
Contact: David Clair,
Senior Director, Investor Relations and Corporate Development
david.clair@bio-techne.com
612-656-4416
About Namocell
Contact: Jessica Zhou,
Chief Operating Officer
jessica@namocell.com
650-386-6878
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SOURCE Bio-Techne Corporation