Trinity Biotech Announces Acquisition of Swedish Point-of-Care Company

Trinity Biotech plc has announced its acquisition of the Swedish based company Fiomi Diagnostics AB. Fiomi is at an advanced stage in developing a panel of point-of-care cardiac marker assays based on innovative technology which uses a micro-pillar flow technique.

Fiomi’s efforts have been focused on developing a Troponin I (TnI) test. Tnl is the preferred marker for detection of acute myocardial infarction and accounts for over 50% of the $900m worldwide cardiac point-of-care assay market. Fiomi has developed a desktop analyzer, with a cassette based assay, that is demonstrating sensitivity and reproducibility data for TnI which the company claim significantly outperforms the existing market leader’s assays.

Fiomi is concentrating its efforts on finalizing this analyzer and the TnI assay in advance of clinical trials. CE marking is expected to be achieved in the second half of 2013, following which it will be immediately submitted to the FDA for approval.

Trinity plans to expand Fiomi’s existing operations in Uppsala, Sweden. The company will use the enlarged R&D team in Uppsala to develop assays for BNP as well as a multiplex cardiac panel. The move will ensure that Trinity is ideally positioned to take a significant and potentially leading share of the lucrative point-of-care market.

Commenting on the acquisition, Ronan O’Caoimh, CEO stated that “We are very excited about the acquisition of Fiomi Diagnostics. Fiomi’s Troponin I test, which is at a very advanced stage of development, demonstrates hugely impressive results which are superior to those achieved by the products currently in the market. We expect to achieve CE marking for the product in 2013, with FDA approval to follow in 2014. This will give Trinity access to the $900m worldwide point-of-care cardiac market. Furthermore, this technology is also ideally suited to a wide range of diagnostic fields including infectious disease, autoimmune, renal, allergy and veterinary and provides Trinity with a leading edge technology platform for the development of point-of-care tests in the future.”