SAN DIEGO, Sept. 14 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO) announced today that it is spinning off its industrial testing assets into a new, independent company focused on developing rapid, highly accurate molecular assays for biopharmaceutical production, water and food safety testing, and other applications.
Gen-Probe initially will own 19.9% of the new company, Roka Bioscience, Inc. Affiliates of leading private equity firms OrbiMed Advisors, TPG (TPG Biotechnology) and New Enterprise Associates have agreed to provide Roka up to $37.2 million in aggregate equity funding to complete development of several industrial assays and Gen-Probe's Closed Unit Dose Assay (CUDA) system, a fully integrated, portable testing instrument that can deliver highly accurate molecular results in approximately one hour.
"We believe establishing a highly focused, standalone company is the best way to maximize the considerable long-term potential of our molecular technologies in industrial markets," said Carl Hull, Gen-Probe's president and chief executive officer (CEO). "Our ownership position enables us to participate in Roka's long-term success, while allowing us to concentrate Gen-Probe's internal resources and core competencies on clinical opportunities in infectious disease testing, blood screening, transplant diagnostics and oncology."
Eighteen former Gen-Probe employees with expertise in industrial fields have joined Roka, which will begin operating as an independent company immediately. Gen-Probe also will contribute to Roka its CUDA system, other industrial assets, and the right to use certain of its technologies and related know-how in industrial markets. In addition to biopharmaceutical production and water
|SOURCE Gen-Probe Incorporated|
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