Oxaco, an AIM-listed company focused on materials sciences technologies, is planning to acquire Glasgow spinout Cronin 3D for £3.3m ($5.1m).
Cronin has been developing a platform for the use of nanomaterials in pharmaceuticals through the use of 3D printing. It is the hope of Cronin founder Lee Cronin that the technology could be used to allow people to print pharmaceuticals at home. In an interview with news provider the Guardian, Cronin said: “Could we make a really cool universal chemistry set? Can we ‘app’ chemistry? Basically, what Apple did for music, I’d like to do for the discovery and distribution of prescription drugs.”
Oxaco is raising the acquisition money through the issue of 132m new shares at 2.5p per share. As part of the deal, Cronin 3D will change its name to Cronin Group.
At the same time, Oxaco is dumping its shareholding in Oxford Advanced Surfaces, a spinout of Oxford University.
Oxaco made a £446,000 pre-tax loss over Q1 2015, compared to £546,000 for the same period in 2014. Oxaco said the losses were related to research and development.
