VC-Backed Health Tech Company & Medical Test Kit Provider

SOLD

Bid Deadline: Tuesday 11 October 2022 at 4pm BST



DOWNLOAD NDA HERE

Hilco is delighted to offer for sale the business and assets of a VC-backed health tech company and medical test kit provider (the “Company”).

The Company is a predictive health technology business delivering on-the-spot tests which detect subtle biomarkers in people’s bodies to predict illness before it becomes acute or infectious. The Company has developed a proprietary platform technology which enhances the sensitivity of standard lateral flow tests by ten times. The Company’s on-the-spot saliva test kit using this technology are currently designed to detect infections remotely while uniquely only identifying whether the user has an active infection, enabling people to understand and make informed decisions about their health.

The salient details on the business are as follows:

  • VC-backed diagnostics technology business with over £6m investment raised to date;
  • Fully-developed, fully-validated core product offering centred around novel at-home tests, enabling at-home, same-day detection of the most common chronic and infectious diseases, including COVID-19;
  • First product CE Marked for professional use in Europe;
  • Pending Emergency Use Authorisation with FDA approval for home use in the United States for the COVID-19 pandemic, positioned to exploit the lucrative US market;
  • A paired digital platform offering a white-label friendly API integrated with web app format, therefore not requiring user downloads to use and access their test results and data history;
  • Key partnerships with execution-driven commercial players, including the largest lateral flow manufacturer in Europe, lucrative customer contracts worth upwards of $10m (contingent on granting of the FDA EUA) and strong contacts in the biotech industry  to leverage the Company’s technology platform for co-development partnerships;
  • Extensive organisational knowledge, including unique insights into manufacturing and production processes, the practical application and deployment of the Company’s patent-pending technology and health data outputs offering currently untapped insights into healthcare;
  • Attractive brand and accompanying intellectual property portfolio;
  • Small, highly-capable and driven team;

Business Assets

Available assets include:

Intellectual Property – including international patent applications protecting the Company’s innovative sensitivity enhancer for lateral flow tests with a multitude of potential applications, a trade mark portfolio protecting the brand and product names, copyright in website content and domain names;

Organisational Knowledge – a deep stack of trade secrets and extensive organisational knowledge covering the processing of nanoparticles used to deliver the enhancement to the standard lateral flow tests and associated diagnostic data;

Goodwill – the valuable goodwill attached to the business;

Tangible Assets – including centrifuges, analytical equipment and stock of protein worth circa £400k at cost;

Sale Process

Offers for the business and assets of the Company due Tuesday 11 October 2022 @ 4pm BST

It is envisaged the sale will be concluded on an asset only basis via the appointment of Administrators.

All expressions of interest and offers should be directed to Hilco in writing. Additional information and access to a virtual data room is available under NDA. The information provided has not been verified by Hilco and bidders are deemed to have carried out their own due diligence. A Bid Submission Form for submitting offers is available.

Key Terms & Conditions

The bidder acknowledges that Hilco acts as an agent for the Company and its Proposed Administrators who offer for sale only what right, title and interest the Company possesses in the assets. Such sale will be without any indemnities or warranties, expressed or implied. The assets are sold “as is, where is”. VAT at 20% will be added to the price if applicable. Legal completion to occur within 5 business days of bid acceptance. Hilco’s full Terms and Conditions apply. Hilco’s full Terms and Conditions apply.

Contacts

Alexander Muir

Associate Director

Manchester Office

+44 (0) 7593 562917

amuir@hilcoglobal.eu

Linda Shannon

Director

Glasgow Office

+44 (0) 7718 424451

lshannon@hilcoglobal.eu

Peter Atkinson MRICS

Managing Director

London Office

+44 (0) 7971 997703

patkinson@hilcoglobal.eu