BioDot Inc., an Irvine-based medical device maker involved in testing for the coronavirus, was acquired March 27 for an undisclosed amount by Boston-based Artemis Capital Partners.
The company, founded in 1994 by Tom Tisone, manufactures precision low-volume fluid dispensing systems for reagents used in the isolation, extraction and analysis of DNA and antibodies. With over 5,000 units in the field, BioDot says it’s one of the largest suppliers of equipment in the diagnostic test market.
“We believe that BioDot is uniquely positioned to not only grow but to help its customers solve some of the world’s most pressing healthcare challenges,” Artemis founder and Managing Partner Peter Hunter said in a statement regarding the acquisition.
Private equity firm Artemis typically invests in companies with enterprise values up to $100 million and is being divested by a founder, a family or a corporation.
BioDot will continue to operate as an independent company from its Irvine headquarters as it continues its active response to the coronavirus outbreak.
BioDot’s customers recently began assembling diagnostic kits for a newly released coronavirus test that can deliver results in 15 minutes, but it is not yet authorized for use in the U.S. Other kits are approved for use in some European countries.
The company in a press release last month said it can provide technology used in making coronavirus test kits to “identify infected patients and help prevent virus transmission.”
Other companies using PCR-nasal swabs to test for the coronavirus require lab equipment to process results.
