LAB21 Limited Takes Over Myconostica Ltd to Expand Portfolio of Diagnostics for Fungal Infections

Lab21 Limited, the global specialist in personalised medicine and clinical diagnostics has today announced that it has acquired Myconostica Ltd, a molecular diagnostic company focussing on the diagnosis of fungal infections of clinical importance.

The financial terms of the deal were not disclosed. The acquisition of Myconostica expands Lab21’s growing proprietary diagnostic portfolio and will provide the Company’s first set of nucleic acid-based assays. Furthermore it will provide manufacturing capabilities for Lab21 from which it will develop and produce its range of new biomarker assays.

There is a major unmet market need for diagnosis of life threatening invasive fungal disease and the Myconostica products are leaders in this market. Current fungal diagnostic tests based on culturing techniques have significant clinical limitations and Myconostica’s molecular diagnostic approach provides more rapid, sensitive and specific information which will improve clinical outcomes. In addition to developing global sales of Myconostica products, Lab21 will also be launching the Myconostica fungal testing services from its new reference laboratory in South Carolina as well as its laboratory in Cambridge, UK.