Edinburgh-based med-tech firm in MBO to expand into new markets and technologies

For immediate release: Edinburgh 28/09/23

 

 

Edinburgh-based med-tech firm in MBO to expand into new markets and technologies

 

 

 

 

Novarum DX Ltd, the mobile software arm of BBI Solutions, has announced it has been bought out by a small group of specialist investors and the existing management. The acquisition will enable Novarum to build on its strong lateral flow test customer base and extend into adjacent markets.

 

A group of investors including Innova Partnerships Ltd, the existing Novarum CEO, Neil Polwart and past chairman, Dennis MacPhail, have recently acquired Novarum DX Ltd, the mobile development firm that specialises in reading lateral flow tests with a smartphone. Novarum which was bought by BBI in 2016 supports customers across a wide range of industries including healthcare, aviation, veterinary and pharmaceutical development. The buyout will enable Novarum to expand the range and type of tests it supports, as well as providing the opportunity to deliver its technology differently and with alternative business models.

 

Neil Polwart, CEO of Novarum DX Ltd, said, “We are excited to announce this move and are thrilled about the possibilities it presents for the future of the company. The team have some exciting possibilities in the pipeline and are confident that their technical expertise, and the experience of the investors, across software and healthcare will transform the way we operate. We will continue our close working relationship with BBI to maximise the benefit to both customer bases.”

 

BBI Solutions, the Wales based company who sold the business for an undisclosed sum, are the world’s largest independent producer of Immuno-diagnostics reagents. Group CEO, Mario Gualano, said, Novarum has been part of the BBI portfolio for the past 7 years and we will maintain a close relationship going forward for the benefit of current and future lateral flow customers looking for a complete solution.

 

Sale of the business represents a strategic move by BBI Solutions which will allow Novarum DX to expand its software-based solutions beyond lateral flow and BBI to sharpen our focus on our core diagnostics business. A prime illustration of this commitment is our significant ongoing investment in the advancement of our recombinant enzyme development and manufacturing capabilities.

 

The new owners (NDX Holdings Ltd) strategy builds on Novarum’s extensive IP, including a recently granted US patent, to deliver a mixture of app development services, easy to adopt software-as-a-service solutions and modular software capabilities to support scalability. Combined with APIs for data upload and Electronic Health Record integration Novarum has the ability to provide entire solutions for diagnostic customers, or to form strategic partnerships with others to achieve its vision that anyone, anywhere, anytime, should be able to run a test and understand its result. Polwart explained, “when we first started talking about this digital health solution 12 years ago, that idea seemed like a pipedream. It is clear Covid has not only rewritten the play book on how diagnostics can work, but has changed the public’s expectations about their role in testing”.

 

For further information please visit www.novarumdx.com

 

 

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Notes to Editors

 

About NDX Holdings Ltd

NDX Holdings Ltd was formed as a vehicle for the investment. Its shareholders include Dr Neil Polwart, CEO Novarum DX Ltd; Dennis MacPhail, a previous chairman of Novarum DX Ltd; Innova Partnerships Ltd, a small boutique family office focussed on investments in healthcare, active lifestyles and looking after our planet; and Orchard Ventures Ltd, a strategic investor operating in Scotland.

 

About Novarum DX Ltd

Novarum DX Ltd was founded in 2012 as a joint venture between BBI Solutions and a Scottish technology firm. The business develops software to the medical device standard, IEC6304, under an ISO13485:2016 quality management system. The company employs 14 staff centred around the Edinburgh area.

 

About BBI Solutions

BBI Solutions offer a portfolio of products and services that are delivered to the diagnostic and life science industries globally. The business is headquartered in South Wales, UK, and has been supporting the diagnostics industry for over 50 years.

 

 

Media Contact:

Prof Steve Howell Innova Partnerships Ltd

 

steve@innovapartnerships.com

or

 

Neil Polwart

CEO

Novarum DX

Npolwart@novarumdx.com

M: 07905 752 416

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Issued by:   Mike Reynolds BA, DipM, FCIM Managing Director Integris Communications T: 07748 635678