Hilco Streambank (“Hilco”) is seeking offers to acquire the business and assets of ODx Innovations Limited (in Administration) (“ODx” or the “Company”) on behalf of the Joint Administrators of the Company, Duncan Raggett of AAB and Seamas Keating of FPM Accountants Limited, an AAB group company.
January 17, 2023 at 4pm GMT
ODx, a medical technology company based in Inverness, was incorporated in 2016 as a spin out from the University of St. Andrews. Over $20m USD has since been invested in scaling up the development of ODx’s valuable microbiological technology and intellectual property.
The Company was created with the goal of supporting the point-of-care (POC) diagnosis and treatment of UTIs through providing a combination Dx/Rx test; confirming the HCPs initial clinical UTI diagnosis and providing results on suitable antibiotic therapy. Consequently UTI patients are diagnosed accurately, quickly and affordably with appropriate therapy immediately prescribed, rather than empirically based on standard protocols and antibiograms. Approximately 400 million people suffer a UTI each year, the ODx test will streamline the process for testing antibiotic sensitivity for UTIs, giving healthcare professionals the precise answers they need at the POC to prescribe quickly and effectively for the patients benefit. The ODx test also seeks to address increasing antimicrobial resistance stemming from the high use of broad spectrum, non-targeted antibiotics by providing a front-line stewardship tool.
The Company’s novel Perigee technology provides rapid confirmation of the presence of bacteria in a patients urine (bacteriuria) and an antibiotic susceptibility profile of the UTI.
A major challenge facing modern medicine is how to quickly and accurately establish a patient has a UTI and which antibiotic will be most effective at treating an infection before the patient’s condition deteriorates over time. Diagnosis of UTIs still depend on paper dipsticks, inconclusive results, subjective observation of clinical symptoms and laboratory culture and sensitivity testing that requires time to process. The ODx point of care technology supports rapid decision making by providing answers to the question “does this patient have a UTI AND what is the most suitable antibiotic to treat this infection?”. After a UTI has been diagnosed clinically by the HCP, the Company’s ground-breaking technology detects bacterial growth and provides antibiotic sensitivities of the pathogen. This allows healthcare professionals to prescribe accurate treatment within minutes, rather than days.
The Company has reached the equivalent of technology readiness level 7 (TRL 7). Response to market surveys of potential users and clinicians has been overwhelmingly positive. This acquisition opportunity presents a buyer with the opportunity to capitalise on development work carried out to date towards a solution which presents a faster, smarter and more cost-effective way of diagnosing and treating infection in a huge addressable market whilst contributing to antibiotic stewardship.
Unique elements of ODx’s medical device technology are protected through a suite of patent applications, entitled “Apparatus, system, and method for measuring properties of a sample” and “Centrifugally motivated fluidic systems, devices, and methods”, relating to the Perigee instrument components and operation and the Perigee cartridge microfluids. The Company’s patent applications are currently progressing through the national phase in various territories internationally.
Further granted patents are currently licensed-in from the University of St Andrews with whom the Company has a strong relationship.
Organisational Knowledge & Proprietary Know-How
A significant element of proprietary know-how provides additional protection over ODx’s technology.
The Company’s extensive organisational knowledge includes: data; formulations; design drawings (including CAD drawings) in relation to the Company’s instrument, cartridge and a robotic system for future manufacture and assembly; market surveys of potential users and clinicians; market intelligence and US market launch plans.
Bespoke proprietary software embedded within the Company’s instrument has been developed. Development of additional software, which will also sit onboard the instrument, to analyse data produced by the instrument and give a diagnostic result is in progress.
ODx is highly regarded locally and within the medical technology industry. The Company’s technology and innovations have been recognised through a number of awards and press coverage received, including the Longitude Prize Discovery Award for its work on Antimicrobial Resistance, as well as the coveted Innovation Prize at the Scottish Life Sciences Awards. The response to market surveys of potential users and clinicians has been overwhelmingly positive.
Unregistered Trade Marks
The Company is likely to possess rights in unregistered trade marks protecting the “ODx” brand name and logo below.
The Company owns the copyright in the content of the professionally designed ODx website hosted at odxinnovations.com.
Rights in Social Media
Various social media channels support the ODx brand:
- LinkedIn – ODx Innovations
- Twitter – @ODxInnovations
- Instagram – @ODxInnovations
Tangible assets include various items of laboratory and office equipment.
ODx holds an extensive pathogen bank of 4,623 bacterial isolates from clinical urine samples. Over 120 strains of bacteria are captured.
Offers for the business and assets are due Tuesday 17 January 2023 @ 4pm GMT.
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.
The bidder acknowledges that Hilco acts as an agent for the Joint Administrators of the Company 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. Hilco nor the Joint Administrators have verified the information provided, 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. Legal completion to occur within 5 business days of bid acceptance. Hilco Streambank’s full Terms and Conditions apply.