Acorn Acquisition to purchase Lumen Medical.
Acorn Acquisition has reached a definitive agreement to acquire Lumen Medical, the owner of 51% of PulmoScience, a development stage biotechnology company that is developing a non-invasive molecular imaging technique, PlumoBind, for the diagnosis of pulmonary embolism. PulmoBind uses an intravenously delivered radionuclide tagged molecule which specifically bonds to the inner walls of the circulatory system in the lungs, and by the use of an external Gamma Camera allows an image of the integrity of the blood vessels throughout the lungs to be seen by a diagnostic clinician. PulmoScience is currently two thirds of the way through regulatory approval for Phase I Human Trials, and while subsequent results from additional tests might not corroborate the current results, PulmoScience believes that PulmoBind has the potential to dominate the market for the diagnosis of pulmonary embolism. In particular, this belief is driven by PulmoScience’s expectations of the improved safety and efficacy that PulmoBind will offer when compared to the current incumbent nuclear medicine based technology for the diagnosis of pulmonary embolism. In addition, early indications are that PulmoBind could be highly effective in the early stage diagnosis of pulmonary hypertension, a condition for which there is no current front line diagnostic test. The addressable market for the product candidates being developed by PulmoScience is believed by the company to be worth US$500 million per annum. The transaction is expected to close within six months, and completion of the transaction is subject to certain closing conditions. Following the closing of the transaction, PulmoScience will operate as a 51% (or 61%) subsidiary of Acorn Acquisition.
