The University of Manchester spin-out company Photo Therapeutics has been acquired for $20M by the US-listed company PhotoMedex. Photo Therapeutics (PTL), established in the late 1990s, is based on patented technology developed by Colin Whitehurst, a researcher at The University of Manchester’s Paterson Institute for Cancer Research, with funding from Cancer Research UK., CEO of UMIP said: “Both companies are at the leading edge of new technological developments in extremely important therapeutic areas such as cancer and dermatology. Their international recognition is a great success for The University and for the world-leading cancer research and care organisations in Manchester like The Paterson Institute and The Christie which all work in partnership with Cancer Research UK in the Manchester Cancer Research Centre.”
Assistance with the formation and development of the company was provided by The University of Manchester’s Intellectual Property commercialisation company, UMIP and Cancer Research Technology.
Photo Therapeutics develops non-laser light devices and associated skin care products for the treatment of a range of clinical and aesthetic dermatological conditions. The company’s systems treat a wide range of conditions including acne, photodamage, skin rejuvenation, psoriasis, post-surgery wound healing and non-melanoma skin cancer.
PhotoMedex is the leader in the development, manufacturing and marketing of medical laser products and services across multiple specialty areas, including dermatology, urology, gynaecology, orthopaedics and other surgical specialties.
Sue D’Arcy, CEO of Photo Therapeutics, said: “We are all excited about the acquisition, it gives Photo Therapeutics the opportunity to leverage the direct sales force that PhotoMedex Inc has in the States and move to the next level with this great technology.”News of the acquisition comes a week after Epistem announced its $4m R&D collaboration with Novartis. Epistem was also spun out from the Paterson Institute.