The first part of the proceeds was used by Trinity to repay all of its bank debts and to boost its cash reserves to in excess of $45 million. The company will now focus on developing its point-of-care (POC) business and will utilize lateral flow technology to develop qualitative tests in the sexually transmitted disease, enteric, and respiratory fields.

Under the agreement with the Stago Group Trinity Biotech is free to participate in the POC segment of the coagulation market. Trinity intends to develop a range of coagulation tests and will immediately commence the development of a lateral flow assay for D-dimer.

Reagents and instrumentation for POC and clinical laboratory markets are developed and manufactured by Trinity Biotech. Products are used to detect infectious diseases and blood coagulation disorders, and to quantify the level of Hemoglobin A1c and other chemistry parameters in serum, plasma, and whole blood. The company sells direct in the United States, Germany, France, and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide.

The Stago Group develops, manufactures, and markets reagents and analytical instruments including diagnostic test kits in the homeostasis market. Three hundred and twenty Trinity employees have transferred to Stago and all their contractual rights and benefits under their existing employment arrangements will be honored.

Stago will continue manufacturing coagulation reagents in Bray, Ireland and will invest in upgrading this facility. It has taken over Trinity's manufacturing facility in Germany where the Destiny range of instruments will be manufactured. In addition, a number of Trinity sales and marketing personnel in the USA, UK, Germany, and France have transferred to Stago.

Related Links:
Trinity Biotech
Stago Group