The all share deal is AIM-listed EKF’s third acquisition to date, and upon completion Argutus’ CEO, Cormac Kilty, will become the company’s chief technical officer.
Julian Baines, EKF’s CEO, comments: ‘In addition to strengthening our [intellectual property] position, Argutus gives us the opportunity to detect kidney problems substantially earlier than currently marketed products, which fits well into our strategic goals in the point of care market.’
Dublin-based Argutus produces medical diagnostic kits for detecting organ injury, with a focus on the early detection of acute kidney damage. In the year to June 2010, Argutus declared a pre-tax loss of €727,000 (£606,000) on a turnover of €1.2 million (£1 million).
EKF was founded in 1990 and develops and manufactures medical and research diagnostic equipment, focusing on diabetes and anaemia testing. The company’s first acquisition was the reverse takeover deal with AIM-listed International Brand Licensing in June this year.