Ottawa-based biotechnology company Spartan Bioscience has agreed to sell its primary assets to a business owned by Casa-Dea Finance, a Canadian private investment firm. No financial terms were disclosed. Spartan is a provider of portable molecular diagnostic testing technology.
OTTAWA, ONTARIO (PRWEB) SEPTEMBER 07, 2021
Spartan Bioscience Inc. (Spartan) announces today that its primary assets will be acquired by a private company owned and led by Casa-Dea Finance Limited (Casa-Dea). In acquiring Spartan’s assets, Casa-Dea will strive to ensure that Spartan’s disruptive technology, and talented team of scientists, engineers and biotech professionals, will remain in Canada.
“We are thrilled to be acquiring Spartan’s revolutionary platform, along with retaining many of the organization’s devoted employees that have brought this disruptive technology to market,” says Darrell Edgett, President and CEO of Casa-Dea. “To say that there is a significant need for greater investment in the Canadian biotech sector is an understatement; through this acquisition, we are excited to materially advance the mission of this cutting-edge Canadian technology, and, importantly, further commercialize Spartan’s mission to improve the health and safety of individuals, globally.”
Founded in 2005, Spartan has pioneered cutting-edge molecular diagnostic testing technology that provides individuals with accurate and rapid results, outside of the traditional laboratory. Its main product – widely considered to be the first of its kind developed and launched in Canada – is The Spartan Cube, a portable, molecular analyzer. The Spartan Cube uses polymerase chain reaction (PCR) technology to generate rapid, accurate test results, practically anywhere.
“Since the beginning, our brilliant team of Canadian scientists, engineers, and professionals have been working nonstop to bring to the world a truly-Canadian biotech breakthrough,” said Steve Edgett, the new company’s CEO. “What our team has achieved in developing this core technology is nothing short of remarkable. Casa-Dea’s acquisition will represent not only a material affirmation of our technology’s potential, but also, an invaluable opportunity to keep our people, and assets, in Canada. Looking forward, we are incredibly optimistic about advancing our mission of enhancing the health and safety of individuals, in Canada, and abroad.”
This acquisition is expected to close in early September 2021.
About Spartan Bioscience Inc.
Founded in 2005, Spartan Bioscience Inc. (Spartan) is a Canadian biotechnology company in portable molecular diagnostic testing. The Spartan Cube® brings complete sample-to-result DNA testing to fields such as precision medicine, environmental water testing, and infectious diseases. Spartan’s technology has been published in prestigious medical journals including The Lancet and The New England Journal of Medicine and is used by expert organizations such as the Centers for Disease Control & Prevention (CDC) and Mayo Clinic.
About Casa-Dea Finance Limited
Casa-Dea Finance Limited is a privately held investment fund based in Canada. Casa-Dea Finance Limited provides strategic financing and investment in companies spanning a variety of industries including manufacturing, food and beverage, new home construction and technology. For more information on the acquisition of Spartan’s assets, please contact firstname.lastname@example.org.