MINNEAPOLIS, June 4, 2019 /PRNewswire/ -- Bio-Techne Corporation (TECH) announced today it has reached agreement to acquire all of the stock of B-MoGen Biotechnologies Inc. The transaction has been completed and is being financed through available cash on hand.
"We are very pleased to include the B-MoGen technology in Bio-Techne's expanding portfolio of products that serve the rapidly growing cell and gene therapy markets," commented Charles R. Kummeth, President and Chief Executive Officer of Bio-Techne. "B-MoGen's technologies solve the most complex gene editing problems with proprietary, cutting edge gene editing and delivery tools, enabling and accelerating growth in immunotherapy treatments. This technology holds the promise of being able to deliver personalized therapeutic agents that have greater target effect and less off-target side effects. We are excited to continue to build our portfolio in cell and gene therapy workflow solutions, from cGMP grade antibodies and proteins for cell activation and expansion to the novel releasable, non-magnetic, Quickgel™ technologies. B-MoGen's key non-viral vector technology obviates several concerns associated with the use of viral vectors, including simplification of the entire vector manufacturing process, reduced biosafety concerns related to cytotoxicity, mutagenesis or malignant transformation of target cells and greater flexibility in payload size. The above assets represent key components of our burgeoning cell and gene therapy offering."
B-MoGen Biotechnologies' President and Chief Executive Officer Jeff Liter added, "Given our shared goal to move our products into clinical and commercial applications, there is a great strategic fit between the two companies. Our technology has delivered favorable results to those that have evaluated it and now with the resources and reagents Bio-Techne can provide, we will move more expeditiously to commercialize our technology. We are delighted with this transaction and we are pleased to have found a local home for our products and technology. The broad array of products, along with additional marketing and commercial resources, will serve our customers more efficiently and allow our products to be available on a global scale."
B-MoGen Biotechnologies of Minneapolis was founded in 2015 as a startup out of the University of Minnesota and has approximately 20 employees. Co-founders include University of Minnesota researchers David Largaespada, Branden Moriarity and Beau Webber.
Fredrikson & Byron, P.A. is serving as Bio-Techne's legal counsel. Dorsey & Whitney LLP
is serving as legal counsel to BMoGen Biotechnologies.
Bio-Techne has a growing line of products for clinical grade cell and gene therapy applications as well as for research use. These include QuickGel™ microparticles for cell separation and activation, GMP grade Cytokines, Antibodies, Small Molecules, In-situ Hybridization Probes and Immunoassays offered under our R&D Systems, Novus Biologicals, Tocris and Advanced Cell Diagnostics brands, all of which are trusted by leading scientists around the globe for use in their research, diagnostic and now therapeutic applications.
Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. Forward-looking statements in this press release include statements regarding our belief about the market applications and impact of our pending acquisition of BMoGen Biotechnologies and our ability to derive advantages from this acquisition as we integrate it into our business. The following important factors, among others, have affected and, in the future could affect, the our actual results: the effect of new branding and marketing initiatives, the integration of new leadership, the introduction and acceptance of new products, the levels and particular directions of research and product development by our customers, the impact of the growing number of producers of biotechnology research and diagnostics products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of our research and product development efforts and those of companies in which we have invested or with which we have formed strategic relationships.
For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.
David Clair, Investor Relations
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