NattoPharma acquires MGP Diagnostics and secures rights to important patent
NattoPharma ASA has acquired all shares of MGP diagnostics AS, securing ownership of a granted patent that is the key to the development of a new diagnostic test concept. This concept may determine the need for the natural vitamin K2 product Mena Q7(TM), to which NattoPharma has exclusive rights.
NattoPharma has taken over 100% of the shares of MGP Diagnostics at a price of NOK 131 per share, a total of NOK 131,000, from the previous owners Anacott Steel AS (22,5%), Stein Westbye (22,5%), Leon Schurgers (22,5%), Cees Vermeer (22,5%) and VitaK (10%).
A wholly-owned subsidiary of the University of Maastricht, VitaK conducts most of NattoPharma's research on vitamin K2. The agreement gives VitaK the right to 5% royalty of revenues generated by MGP Diagnostics, limited upwardly to NOK 5 million per year and a total NOK 40 million throughout the lifespan of the patent.
VitaK has filed and invested more than 2 million Euro in the patent, which covers the development and application of monoclonal anti bodies against matrix Gla protein (MGP). This is a vitamin K-dependent protein that is important in preventing calcification of the arteries.
According to the company, the patent makes it possible for NattoPharma to develop tests that can identify activated and non-activated MGP in blood samples. Non-active MGP correlates with calcified arteries, activated MGP with non-calcified arteries. Studies show that NattoPharma's MenaQ7 can reduce non-activated MGP. This might allow for early-stage identification of persons possibly needing supplements of NattoPharma's product MenaQ7(TM) to prevent hardening of the arteries. "If we succeed in developing such a diagnostic concept, it will have significant value for both MGP Diagnostics and NattoPharma," says Egil Greve, Chief Executive Officer of NattoPharma.
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