OraSure Technologies, a leader in point-of-care diagnostic tests and specimen collection devices, announced the sale of its cryosurgical systems business to CryoConcepts, LP for an aggregate purchase price of $12m in cash.

The transaction includes the transfer of OraSure’s professional Histofreezer® product line and several private label cryosurgical products sold in the consumer market, along with related patents and trademarks, customer contracts and goodwill associated with the business.

“We are pleased to have completed the sale of our cryosurgical systems business. The sale represents a key part of our innovation-driven growth strategy to prioritize our product portfolio and focus our resources on growing our core Molecular Solutions and Infectious Disease businesses through both organic growth and acquisition,” said OraSure President and CEO, Stephen Tang, Ph.D.

“Our management team first introduced Histofreezer® to the U.S. in the early 90’s, so we have deep experience in the cryosurgical market,” said Sam Niedbala, Ph.D., CEO of CryoConcepts, LP.  “Our plan is to leverage the Histofreezer® brand to accelerate our introduction of a new generation of cryosurgical products to the professional and consumer markets on a global basis.  This acquisition also keeps and creates jobs in the Lehigh Valley and is a testament to the partnerships and support by our investors, Embassy Bank, and programs like the Southside KIZ. We are excited to have the Histofreezer® become an important part of our product portfolio and strategy,” he added.

OraSure Technologies is empowering the global community to improve health and wellness by providing access to accurate essential information.  OraSure is a leader in the development, manufacture and distribution of point-of-care diagnostic tests, molecular collection devices and other technologies designed to detect or diagnose critical medical conditions.

Its first-to-market, innovative products include rapid tests for the detection of antibodies to HIV and Hepatitis C (HCV) on the OraQuick® platform, sample self-collection and stabilization products for molecular applications, and oral fluid laboratory tests for detecting various drugs of abuse.

Source: Company Press Release