Phoenix DX Limited
(In Liquidation)

Offer Deadline:

Offers Invited

Acquisition Opportunity

Hilco Streambank (“Hilco”) is seeking offers to acquire the intellectual property assets of Phoenix DX Limited (In Liquidation) (“Phoenix DX” or the “Company”) on behalf of the Joint Liquidators of the Company, Simon James Bonney and James Varney of Quantuma Advisory Limited. 

Background

Phoenix DX, formerly LIG Biowise, was an innovative medical diagnostics business focused on developing an ultra-rapid, point-of-care (POC) diagnostic device for infectious diseases. Initially concentrating on upper respiratory tract infections (URTIs), Phoenix DX aims to revolutionise antibiotic prescribing practices and combat antimicrobial resistance. The Company’s device streamlines nucleic acid extraction, amplification, and detection into a single step, ensuring faster diagnostics, reduced costs, and heightened precision. 

Market demand for Phoenix DX’s technology is fuelled by the prevalent lack of infectious disease diagnostics, with diagnostic tests often confined to specialised laboratories and limited capacity for these tests via community clinics. The product of c. £5m in investment and almost a decade of research and development, Phoenix DX’s solution, Molerumi, offers low-cost single-use molecular diagnostics at the point of care or over the counter, closing diagnostic gaps by providing timely and accurate data to improve patient outcomes. Employing printed, electronic components, fluorescent results visible to the naked eye and a single-use molecular test, Phoenix DX’s innovative patented device can detect bacteria and viruses and meets the WHO-assured criteria for new medical devices. 

In terms of revenue, the global isothermal nucleic acid amplification technology (INAAT) market, in which the Company operated, was estimated to be worth $4.4 billion in 2023 and is poised to reach $6.8 billion by 2023, growing at a CAGR of 9.2% from 2023 to 2028.1 This surge is primarily attributed to the increasing prevalence of infectious diseases such as STDs, tuberculosis, hepatitis, and influenza, especially in developing countries. This acquisition opportunity positions the buyer to build on Phoenix DX’s research and development and bring to market the Company’s transformative solution for infectious disease diagnostics in an expanding global market. 

Available Assets

The Phoenix DX Brand 

Almost a decade old, the Phoenix DX brand is well-known for developing an innovative, patent and design-protected point-of-care diagnostic device for infectious diseases. 

Confidence in the brand was boosted by investment and backing from Innovate UK, with Pheonix DX working with the research body to investigate rapid identification technology for point-of-care detection of UTIs and drug resistance markers. 

In 2017, the Company was nominated for the BioNow Life Sciences Start-Up of the Year Award and has also been featured in several reputable industry publications, including Combacte, GenomeWeb, Labiotech, and Inventya. 

Trade Marks 

The Company holds a registered UK trade mark protecting the “Molerumi” logo, with an array of pending applications seeking to protect the “Molerumi” brand name and logos internationally.

Full details on the Company’s trade marks are available via a virtual data room.

Patents 

The Company holds two granted Chinese patents protecting elements of its portable, single-use disposable battery-powered molecular diagnostic device designed to diagnose virus infectious diseases. 

Full details on the Company’s patents is available via a virtual data room. 

Domain Name & Website Content 

The primary phoenixdx.co.uk domain name is available to acquire. 

The Company owns the copyright in the website content hosted at the phoenixdx.co.uk domain name, showcasing the Company and its product. 

Organisational Knowledge & Know-How 

The Company holds an extensive suite of files relating to the development of its device, including testing data, lab books and technical reports. 

Sale Process

All expressions of interest and bids are to be directed to Hilco in writing. A Bid Submission Form is available on request. Please contact Hilco to gain access to a virtual data room of further information on signing a confidentiality agreement.  

Key Terms and Conditions

The Joint Liquidators act as agents of the Company and without personal liability. 

The bidder acknowledges that Hilco acts as an agent for the Joint Liquidators who offer for sale only what right, title and interest (if any) the Company possesses in the assets. Such sale will be without any warranties, expressed or implied. The information provided has not been verified by Hilco or the Joint Liquidators and bidders are deemed to have carried out their own due diligence. 

VAT, if applicable, at 20% will be added to the price. A non-refundable deposit of 20% will be payable by the buyer within 48 hours of bid acceptance. A buyer’s premium of 10% of the sale price is payable by the winning bidder. Legal completion to occur within 5 business days of bid acceptance. Hilco’s full Terms and Conditions apply.  

Contacts

Alexander Muir

Senior Analyst

Manchester Office

+44 (0) 7593 562917

amuir@hilcoglobal.eu