Biotechnology company Premaitha Health has today announced it will be joining the London Stock Exchange as it gears up to merge with another firm. Premaitha Health, which is based at Manchester’s Science Technology Park, has agreed terms to join ViaLogy, an investment company listed on the London Stock Exchange. Subject to ViaLogy shareholders approval later this month, the enlarged business will be re-named Premaitha Health PLC and will become a listed company on the AIM platform. Premaitha is also in the process of launching its first product, the IONA Test. The prenatal screening test, which will be offered to pregnant women, determines the risk of Down’s Syndrome or other serious genetic diseases, without risk to the fetus.
Premaitha chief executive Dr. Stephen Little, said: “Our approach is to take early stage discoveries and translate them into clinically useful diagnostic product that can be widely used to benefit human health.
“As we build and commercialise the IONA Test, we are not only building a valuable in vitro diagnostic product in its own right but also establishing a template for creating valuable diagnostic content on third parties’ next generation sequencing systems. Dr. Little added: “The global market for prenatal testing is estimated at $4.2bn and this is an exciting phase in our development of the business roll-out so we are looking forward to working with the new team and delivering on our plans for the IONA Test.” The technology used in the IONA Test will be new to many potential customers.
Premaitha is in the process of establishing a demonstration laboratory at its Manchester headquarters. This laboratory will reproduce the complete IONA Test workflow so that customers can test their own samples and be trained in the process.
The team of scientists and technicians at Premaitha are also currently undergoing IONA Test development and design verification processes, which is expected to be completed by the end of September. The clinical performance and commercialisation testing is then anticipated to be complete by the end of this year with a commercial launch commencing next January.
Premaitha is targeting its product at 600 laboratories offering prenatal screening within the EMEA region as well as similar labs throughout the rest of the world.