- Completes £18.5m strategic acquisition of LDPath Ltd
- Creates the largest and most technically advanced private
provider of cellular and digital pathology services in the UK
- Digitises diagnostic pathways, leading to faster diagnosis and
helping clear backlog of elective surgeries as a result of the
pandemic
- Provides access to largest second opinion network with access
to multidisciplinary teams (MDT)s
- IP created with focus on digital pathology and artificial
intelligence (AI) to reimagine pathology services delivery
NOTTINGHAM, England, March 8,
2022 /PRNewswire/ -- SourceBio International plc (AIM: SBI)
("Source"), a leading international provider of integrated
state-of-the-art laboratory services and products, announces that
it has agreed to purchase the entire issued capital of LDPath
Limited ("LDP"), a London based
leader in Digital Pathology testing services.
Source provides ISO15189 certified and UKAS accredited
diagnostic testing and cellular pathology services to the NHS and
other healthcare providers offering tailored solutions within its
histopathology services, from wets to report, dependent on
needs.
LDP has built its own intellectual property ("IP") to pioneer
the creation of a Digital Pathology platform which is already being
successfully rolled out and adopted in the marketplace. Their
technology-enabled offering has been adopted within both private
healthcare providers and NHS trusts and is highly complementary to
Source's strategic direction and its own digital approach.
The enlarged Group targets the conversion of both NHS and
private clients to the technologically enabled Digital Pathology
offering and to introduce opportunities for the use of AI in the
digital platform. This will further streamline the reporting of
more routine pathology cases, ensure the highest quality of
reporting and reduce carbon emissions as a result of lower
transportation requirements. The enlarged Group believes that, with
the LDP acquisition, it will be very well placed to seek and secure
nationwide-scale contracts with private healthcare providers and in
the future to unveil its plan for further expansion.
The combined Source LDPath pathology workflow, with its
market-leading digital and AI pathology services and link to
further in-house precision medicine tests, provides a complete
patient journey from first consultant contact to diagnosis. This
enhanced capacity is a strategic move to accelerate the growth and
strength of Source's leadership in cellular pathology and will
further enable its commitment to support the sector globally.
Jay LeCoque, Executive
Chairman, commented: "LDPath is a perfect fit with our existing
Cellular Pathology business, elevating the combined businesses to a
dominant position in the marketplace. The market opportunity is
huge, evidenced by the continued shortage of pathologists and
addressing the NHS backlog of elective surgeries that HM Government
has prioritised. With the client base increasingly looking for a
Digital Pathology solution and us having a strong presence in both
NHS and private healthcare markets, Source is very well poised to
capitalise on growth opportunities and leading the migration to
Digital Pathology. I am absolutely thrilled to welcome the entire
LDPath team to Source as we work together to lead and reimagine the
Cellular Pathology marketplace."
Dr Alistair Robson, founder
and principal owner of LDPath added: "LDPath is very excited to
join Source, which brings together two healthcare business models
in what can only be a synergistic development. LDPath and Source
market strengths are complementary, and the resultant combined
organisation is superbly placed to provide a full solution to the
shortage of pathology services, from digital diagnosis by experts
benefiting from AI algorithms, to advanced molecular analyses.
Digital pathology has been central to our business, leading to our
winning the only UK NHS digital pathology implementation and
reporting tender to date. Continued technical and software
investments will bring NHS and private pathology into the 21st
century, revolutionise the way pathology services are delivered and
significantly contribute to greater efficiency in managing
workloads across the UK, at a period of unparalleled NHS
strain."
Contacts:
SourceBio International plc -
www.sourcebiointernational.com
Jay LeCoque, Executive Chairman and
CEO
Klaudyna Johnstone, Marketing Director
INVESTOR RELATIONS
Walbrook PR Limited
Tel: 020 7933 8780 or sourcebio@walbrookpr.com
MEDIA QUERIES
External Communications
marketing@sourcebioscience.com
About SourceBio International plc
www.sourcebiointernational.com
SourceBio is a leading
international provider of integrated state-of-the-art laboratory
services and products with clients in the healthcare, clinical,
life science research and biopharma industries, with a focus on
improving patient diagnosis, management and care. Group revenues
are derived from four business units:
- Healthcare Diagnostics - histopathology cancer screening and
clinical diagnostic services for the NHS and private healthcare
across the UK and Ireland.
- Genomics - DNA sequencing services and Precision Medicine
offering for pharmaceutical and biotechnology companies, academia,
contract research organisations (CROs) and other research groups in
the UK, Europe and North
America.
- Stability Storage - shelf-life testing services and equipment
for pharmaceutical and biotechnology companies, contract
manufacturers and analytical testing companies from around the
world but primarily in the UK&I and the USA
- Infectious Disease Testing - COVID-19 testing services for
commercial enterprises, private healthcare groups and the NHS.
Utilising multiple technologies, SourceBio offers screening, gold
standard RT-PCR and whole genome sequencing COVID-19 testing
solutions and operates under ISO 15189 accreditation. SourceBio
also provides employee testing solutions to industry, direct to
consumer home test kits and venue testing.
More details on Group operations can be found here:
www.sourcebioscience.com
SourceBio International plc (SBI) is listed on the AIM market of
the London Stock Exchange.
About LDPath Limited ("LDPath")
Established in 2017,
LDPath is one of the top private histopathology providers in the
United Kingdom.
- LDPath provides rapid histopathology reporting by specialist
pathologists, delivering a surgical pathology service to NHS
hospitals and private healthcare providers
- Intelligent Laboratory Information System ("LIMS"): LDPath's
bespoke LIMS application sends real time case status notifications,
encrypted to the highest level, for secure access. LDPath designed
its LIMS Application to be intuitive and fast with a degree of
automation to facilitate workflow. Functionality is available for
pathologists, clinicians, laboratories and hospitals
- LDPath designed LIMS with the needs of its users in mind,
encrypted to the highest level and can be accessed via secure
connection, once authorised, reports are made available immediately
online notified by automated email, and case status can be traced
as soon as specimens or slides are received
- As one of the pioneers of digital scanning technology in
histopathology, approximately 75% of LDPath's team report digitally
and, with its unique integrated second opinion feature,
international expertise can be sought and delivered very
quickly
- LDPath currently report every major discipline of surgical
pathology including: Dermatology, GI, Gynaecology, Breast, Urology,
Ear Nose & Throat as well as Head & Neck
- LDPath is engaged with approximately 80 specialist consultant
pathologists with approximately 75% of results reported
digitally
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