MYCONOSTICA acquired by Lab 21 - MTI achieves first significant sale from the UPF

1 May 2011

MTI, the leading UK technology venture capital investor, announces the sale of Myconostica Limited, the first investment in the UMIP Premier Fund (UPF), to Cambridge UK-based, Lab21 Limited, for an undisclosed sum.

Myconostica develops and markets PCR based in vitro diagnostic test kits for the rapid diagnosis of life-threatening fungal infections and stems from the pioneering work of Professor David Denning of the Faculty of Medicine, the University of Manchester.

The sale of Myconostica to Lab 21 repositions the company within a larger portfolio of specialist diagnostics and services under the Lab 21 umbrella, and brings synergies to both companies, with the hope that the eventual exit point for shareholders in Lab21, whether through trade sale or flotation, will yield superior returns for all.