26 May 2010

Biotech company buys into US DNA testing market

9:15 am on 26 May 2010

Zygem has bought a company in the United States to push into the DNA testing market.

The biotechnology company, owned by Endeavour Capital, has purchased MicroLab Diagnostics for an undisclosed amount.

Chairman Neville Jordan says the combined expertise of the firms will produce a low-cost, high-speed and accurate DNA analysis for forensic and clinical use by government organsations.

Neville Jordan says the market is estimated to be worth $US3 billion per year in the United States alone, and testing should be completed in the next six months, with production getting underway next year.

Mr Jordan says it's a successful example of collaboration between New Zealand science and private and public investment, with funding from the Foundation for Research Science & Technology.