Digitises diagnostic pathways, leading to faster diagnosis and helping clear backlog of elective surgeries as a result of the pandemic
Source BioScience completes acquisition of LDPath. (Credit: Shameer Pk from Pixabay)
SourceBio International plc (AIM: SBI) (“Source”), a leading international provider of integrated state-of-the-art laboratory services and products, announces that it has agreed to purchase the entire issued capital of LDPath Limited (“LDP”), a London based leader in Digital Pathology testing services.
Source provides ISO15189 certified and UKAS accredited diagnostic testing and cellular pathology services to the NHS and other healthcare providers offering tailored solutions within its histopathology services, from wets to report, dependent on needs.
LDP has built its own intellectual property (“IP”) to pioneer the creation of a Digital Pathology platform which is already being successfully rolled out and adopted in the marketplace. Their technology-enabled offering has been adopted within both private healthcare providers and NHS trusts and is highly complementary to Source’s strategic direction and its own digital approach.
The enlarged Group targets the conversion of both NHS and private clients to the technologically enabled Digital Pathology offering and to introduce opportunities for the use of AI in the digital platform. This will further streamline the reporting of more routine pathology cases, ensure the highest quality of reporting and reduce carbon emissions as a result of lower transportation requirements. The enlarged Group believes that, with the LDP acquisition, it will be very well placed to seek and secure nationwide-scale contracts with private healthcare providers and in the future to unveil its plan for further expansion.
The combined Source LDPath pathology workflow, with its market-leading digital and AI pathology services and link to further in-house precision medicine tests, provides a complete patient journey from first consultant contact to diagnosis. This enhanced capacity is a strategic move to accelerate the growth and strength of Source’s leadership in cellular pathology and will further enable its commitment to support the sector globally.
Jay LeCoque, Executive Chairman, commented: “LDPath is a perfect fit with our existing Cellular Pathology business, elevating the combined businesses to a dominant position in the marketplace. The market opportunity is huge, evidenced by the continued shortage of pathologists and addressing the NHS backlog of elective surgeries that HM Government has prioritised. With the client base increasingly looking for a Digital Pathology solution and us having a strong presence in both NHS and private healthcare markets, Source is very well poised to capitalise on growth opportunities and leading the migration to Digital Pathology. I am absolutely thrilled to welcome the entire LDPath team to Source as we work together to lead and reimagine the Cellular Pathology marketplace.”
Dr Alistair Robson, founder and principal owner of LDPath added: “LDPath is very excited to join Source, which brings together two healthcare business models in what can only be a synergistic development. LDPath and Source market strengths are complementary, and the resultant combined organisation is superbly placed to provide a full solution to the shortage of pathology services, from digital diagnosis by experts benefiting from AI algorithms, to advanced molecular analyses. Digital pathology has been central to our business, leading to our winning the only UK NHS digital pathology implementation and reporting tender to date. Continued technical and software investments will bring NHS and private pathology into the 21st century, revolutionise the way pathology services are delivered and significantly contribute to greater efficiency in managing workloads across the UK, at a period of unparalleled NHS strain.”
Source: Company Press Release