Michael Barbella, Managing Editor10.03.23
Qualigen Therapeutics Inc. has sold its FastPack diagnostics business to Chembio Diagnostics Inc., an American subsidiary of French diagnostics provider BIOSYNEX Group, a leader in the design and distribution of rapid tests. The deal's terms were not disclosed.
The all cash transaction enables the company to further streamline operations and enhance its focus with additional capital on its therapeutics pipeline, in particular QN-302, its small molecule G-Quadruplex (G4) selective transcription inhibitor, and its pre-clinical pan-RAS inhibitor platform. QN-302 has strong binding affinity to G4s prevalent in cancer cells and is being developed for the potential treatment of solid tumors including pancreatic cancer.
“We are proud of the legacy our FastPack rapid immunodiagnostics system has established by providing patients and doctors with quality laboratory solutions for over two decades," Qualigen's Chairman/CEO Michael Poirier said. "However, as we have transitioned our focus to cancer therapeutics, it is appropriate that we re-align our priorities and resources. BIOSYNEX, with their track record in rapid diagnostics, has the expertise and resources to further expand FastPack’s footprint throughout the in-vitro diagnostics (IVD) market worldwide. In the meantime, we now have the ability to strengthen our efforts towards advancing our cancer therapeutics portfolio and look forward to reporting further developments soon.”
Qualigen Therapeutics Inc. is a therapeutics company developing treatments for adult and pediatric cancer.
Founded in 2005, French laboratory BIOSYNEX is a healthcare diagnostics group specializing in rapid tests, monitoring of biotherapy and molecular diagnostics. BIOSYNEX offers healthcare solutions to a large range of users, including laboratories, hospitals, doctors and the general public, to improve overall patient care. The BIOSYNEX Pharma division specializes in self-diagnostics and family health products, marketing brands in prevention, diagnosis and natural care to pharmacies and parapharmacies in Europe.
The BIOSYNEX Diagnostic division is a technology-based business positioned in growing sectors, develops and offers in-vitro diagnostic medical devices such as rapid diagnostic tests (RDTs), molecular biology tests and point-of-care (POC) tests for screening, and diagnosis to laboratories, hospitals, doctors and nursing homes.
Headquartered in Illkirch-Graffenstaden, Alsace, the BIOSYNEX Group employs more than 500 people and has a presence in 95 countries. The Group generated €196.6 million in 2022 sales.
The all cash transaction enables the company to further streamline operations and enhance its focus with additional capital on its therapeutics pipeline, in particular QN-302, its small molecule G-Quadruplex (G4) selective transcription inhibitor, and its pre-clinical pan-RAS inhibitor platform. QN-302 has strong binding affinity to G4s prevalent in cancer cells and is being developed for the potential treatment of solid tumors including pancreatic cancer.
“We are proud of the legacy our FastPack rapid immunodiagnostics system has established by providing patients and doctors with quality laboratory solutions for over two decades," Qualigen's Chairman/CEO Michael Poirier said. "However, as we have transitioned our focus to cancer therapeutics, it is appropriate that we re-align our priorities and resources. BIOSYNEX, with their track record in rapid diagnostics, has the expertise and resources to further expand FastPack’s footprint throughout the in-vitro diagnostics (IVD) market worldwide. In the meantime, we now have the ability to strengthen our efforts towards advancing our cancer therapeutics portfolio and look forward to reporting further developments soon.”
Qualigen Therapeutics Inc. is a therapeutics company developing treatments for adult and pediatric cancer.
Founded in 2005, French laboratory BIOSYNEX is a healthcare diagnostics group specializing in rapid tests, monitoring of biotherapy and molecular diagnostics. BIOSYNEX offers healthcare solutions to a large range of users, including laboratories, hospitals, doctors and the general public, to improve overall patient care. The BIOSYNEX Pharma division specializes in self-diagnostics and family health products, marketing brands in prevention, diagnosis and natural care to pharmacies and parapharmacies in Europe.
The BIOSYNEX Diagnostic division is a technology-based business positioned in growing sectors, develops and offers in-vitro diagnostic medical devices such as rapid diagnostic tests (RDTs), molecular biology tests and point-of-care (POC) tests for screening, and diagnosis to laboratories, hospitals, doctors and nursing homes.
Headquartered in Illkirch-Graffenstaden, Alsace, the BIOSYNEX Group employs more than 500 people and has a presence in 95 countries. The Group generated €196.6 million in 2022 sales.