Singapore (September 14, 2015) – Vela Diagnostics announced today that it is officially out of judicial management and back to normal operations. The company had come under interim judicial management on Feb 10 after its primary investor pulled out at the end of last year.
Vela Diagnostics is a worldwide supplier of integrated molecular solutions for the diagnosis of infectious diseases and cancer. It was founded in Singapore by chief executive Michael Tillmann in 2011. It comprises three entities - Vela Holdings, research arm Vela Research and manufacturing arm Vela Operations - as well as subsidiaries in Germany, the United States and Australia. Vela employed about 210 staff worldwide.
Throughout the judicial management period, the business was sustained and all contractual agreements were duly delivered. Vela also engaged extensively with many customers and stakeholders worldwide. With over 80 staff on board, operations were fully revived in May.
In July this year, Vela signed a fresh investment and collaboration agreement with Luye Group Ltd to bring diagnostics and pharmaceutical synergies to the patient. This new partnership will allow Vela to continue to invest in its PCR and NGS workflow innovations and leverage the company’s entry into the booming Chinese diagnostics market.
With reaffirmed confidence from its investors, as well as an increasing number of orders from existing and new customers, Vela is ready to kick-off its international business plan by expanding its portfolio of innovative test and data reporting solutions for PCR and Next-Generation Sequencing (NGS), and developing its worldwide distribution network.
Currently Vela Diagnostics offers 30 PCR tests (27 CE-IVD)1 and four NGS tests (three CE-IVD and three TGA-IVD)1. Three additional NGS panels are planned for launch later this year.1
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