Zomedica acquires Qorvo Biotech LLC
Date: 11/10/2023
Zomedica acquires Qorvo Biotech LLC, developer of Omnia and TRUFORMA point of care diagnostic platforms.
"With this acquisition, we fully acquire QBT, which has been developing and manufacturing our TRUFORMA platform, including the instrument, software and several important veterinary diagnostic assays," commented Larry Heaton, Chief Executive Officer of Zomedica.
Qorvo Biotechnologies is a wholly owned subsidiary of Qorvo US, Inc. that specializes in the development of point-of-care (POC) diagnostic solutions utilizing Qorvo's innovative Bulk Acoustic Wave (BAW) sensor technology. The company has successfully developed the Omnia point of care diagnostic platform, which is specifically designed to perform assays for human patients. This platform has received FDA Emergency Use Authorization for its SARS-CoV-2 antigen tests. Additionally, QBT has utilized the same BAW technology to develop the TRUFORMA point of care diagnostic platform, which is designed to perform assays for companion animals. This platform has been marketed under license by Zomedica Corp. and its wholly owned subsidiary, Zomedica Inc.
Tony Blair, the Company's Chief Operating Officer commented, "With this acquisition, we will not need to hire and train new workers, nor will we need to install new manufacturing equipment in our Roswell facility. Instead, we will assume QBT's Plymouth, MN based manufacturing line along with the very experienced staff that have been in place for several years. This will allow us to gain cost improvements now that will drive margin expansion over the coming years."
TRUFORMA systems presently offer veterinarians precise, swift, and dependable diagnostic outcomes to aid in diagnosing and treating intricate thyroid and adrenal ailments. These systems include the sole available assays for feline-optimized TSH, Free-T4 (fT4), and canine and equine endogenous ACTH (eACTH), all delivering reference lab quality with the convenience of point-of-care.
"Zomedica has enjoyed its partnership with QBT, developers of the TRUFORMA point of care diagnostic platform for animal health, which we launched in March 2021," stated Ashley Wood, PhD, Vice President of Research & Development at Zomedica. "We continue to be extremely impressed with this best-in-class technology and its ability to provide diagnostic results not otherwise available at the point of care, and we are excited about future assay development opportunities."
News Source: Qorvo
