Healthcare specialist Westhouse Medical Services Plc (FRA:5WM) is pleased to announce that it has acquired 52% of the issued share capital of Quy Biosciences Limited (Quy) through private placement. The acquisition values Quy at GBP3.25m The company is currently seeking to acquire the remaining 48% of Quy's issued share capital.
Quy develop clinical products and services in the regenerative medicine field. Quy are conducting and collaborating on research into wound healing technologies which will lead to further pioneering products in the regenerative medicine field through stem cell therapy and allow the company to further develop the technology for human patients.
Jack Kaye, Westhouse Chairman said "this acquisition will further enhance Westhouse's IP portfolio and make a significant contribution to the company's world wide development whilst meeting the company's ethos of bringing technology to market for the benefit of patients globally".
Westhouse is also currently developing a number of medical devices, including BreastCheck - a new low-cost, non-invasive breast cancer screening product which can act as a precursor to mammogram scanning. BreastCheck is due for launch in 2013.
Westhouse recently acquired from US-listed Sunridge International via. Sunridge's subsidiary, Ophthalmic International Inc, a glaucoma procedure called PNT, which could revolutionise the way glaucoma is treated globally.
WESTHOUSE MEDICAL SERVICES PLC