CardioGenics Holdings has transferred its magnetic beads business unit to its Canadian subsidiary Luxspheres, as part of its plan to focus on the development and marketing of QL Care Analyzer.
The magnetic beads business unit was previously operated out of the company’s Canadian subsidiary CardioGenics Inc.
Luxspheres will market magnetic beads under the name SAVAspheres.
Under the transaction, Luxspheres was allotted CardioGenics’ magnetic beads commercialization agreement with Merck Chimie, in addition to material transfer agreements with two other international beads distributors.
On a perpetual, worldwide and royalty-free basis, Luxspheres licensed back to CardioGenics the rights to use beads technology in connection with CardioGenics’ continuing development and marketing of QL Care Analyzer.
The QL Care Analyzer, a proprietary and ultra-sensitive Point-Of-Care immuno-analyzer, will run a number of diagnostic tests, the first of which will be a series of cardiovascular diagnostic tests.
CardioGenics Holdings CEO Yahia Gawad said in light of the current stage of development of their proprietary magnetic beads, this is an opportune time to have beads business operate as a separate subsidiary.
"Having its own corporate structure and brand identity will assist us in marketing and licensing SAVAspheres and its related technologies to beads distributors throughout the world," Gawad said.