SDIX to sell water quality division to Modern Water
SDIX has signed an agreement to sell the assets of its water quality division to Modern Water for $4.5m.
Modern Water is acquiring the division's intellectual property, its current inventory and commercial contracts, as well as its equipment and staff.
The acquisition of Life Science business is expected to be completed during the fourth quarter of this year.
SDIX president and CEO Francis DiNuzzo said within the Life Science business, the company aim to focus on the development of its next generation proprietary GAT technology which is achieving key milestones ahead of our initial schedule.
"We are working to develop our GAT technology towards a novel approach for the discovery of rare monoclonal antibodies to be used in high value applications such as biotherapeutics and biomarker discovery and validation," DiNuzzo said.
"The net cash from this sale will strengthen our balance sheet and provides additional resources for key investments that we expect will drive further growth in our Life Science and Food Safety businesses."
SDIX is a biotechnology company with a core expertise in creating better antigens, better antibodies and better assays for the pharmaceutical, biotechnology and food safety markets.
Modern Water owns, installs and operates desalination technology as well as develops and supplies advanced systems for water monitoring.