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Toumaz Technology becomes wholly-owned subsidiary of AIM-listed Nanoscience Inc.
Major new funding to create jobs in engineering and commercial teams
Toumaz Technology Limited today announces that its acquisition by the nanotechnology investment vehicle Nanoscience Inc., has formally completed, with the associated placing of Nanoscience shares raising £7.1 million (approximately £6.4 million net of expenses). Toumaz is now a wholly-owned subsidiary of the AIM listed Nanoscience. The consideration payable in respect of the acquisition has been satisfied through the issue of 96,337,210 Nanoscience shares, valuing Toumaz at approximately £17.7 million. Toumaz will retain its independent commercial identity while being able to take advantage of the benefits of being part of a stronger enlarged publicly listed entity.
The strategic focus for Toumaz remains unchanged but the transaction will enable Toumaz to accelerate the ongoing development of its ultra-low power Sensium family of devices based on the company’s proprietary AMx™ advanced mixed signal technology. Toumaz’s close links with Imperial College, London with which it has a technology pipeline agreement have recently been strengthened by the co-founding of the new Institute of Biomedical Engineering by the company’s Chairman and CTO, Professor Chris Toumazou, giving Toumaz the opportunity to access the major global pharmaceutical and medical device manufacturers.
Professor Chris Toumazou, newly appointed Non-Executive Director of Nanoscience, commented on the strengthened relationship with Imperial College, “With the New IP Option Agreement with Imperial Innovations, Toumaz has been granted the exclusive right to explore the commercial potential of intellectual property generated within the new Institute of Biomedical Engineering in the field of wireless communications and low power circuit design.”
Toumaz plans to invest part of the funds raised in a number of key areas, including ongoing new product development, support for further investigations into advanced semiconductor processes and the strengthening of the company’s engineering and commercial teams.
Commenting on today’s announcement, Richard Rose, Non-Executive Chairman of Nanoscience, said, “It is my belief that this acquisition marks a significant and substantial progressive step for both parties. Toumaz will bring to Nanoscience two key elements: the first being a world-leading technology with a number of established and identified target markets ranging from healthcare to consumer electronics; and the second being a significant base of industry and academic contacts that will be key to the procurement of further technologies and the establishment of collaborative product development projects.”
Keith Errey, CEO of Toumaz Technology, added, “This acquisition combines a fantastic technical team in Toumaz with a very accomplished commercial team in Nanoscience. By enabling us to leverage Nanoscience’s wide commercial expertise and investor experience, this route will allow Toumaz to remain focused on our technology development and the execution of that technology our core business. We believe that the combined strengths of the companies will create an entity of significant value.”
About Toumaz Technology:
Toumaz Technology Limited is a developer of advanced RF, analogue and mixed signal semiconductors. The focus of the business is low power devices based on the company’s proprietary AMx™ (Advanced Mixed Signal) technology which addresses the needs of lower power consumption for mobile and wirelessly connected systems.
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About Nanoscience Inc.:
Nanoscience is a specialist investment vehicle which listed on the AIM Market of the London Stock Exchange in March of this year with the specific intention of gaining exposure for investors to the rapidly emerging global nanotechnology sector, as well as becoming a de facto route to investment for near-revenue SME nanotechnology companies.
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
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