Blue Earth Diagnostics Back to portfolio


Prostate Cancer cells

FACBC Synthesis

FACBC Patient scan

PET Scan

Prostate cancer cell, SEM

Timeline

July 2013
GE Healthcare (GEHC) and Syncona engage in discussions around opportunities to collaborate on non-strategic positron emission tomography imaging agents.
August 2013
Syncona launches deep diligence of GEHC’s PET portfolio and identifies single asset for which a detailed business plan is developed.
March 2014
Syncona forms Blue Earth Diagnostics (“BED”) with £25.8M financing, and recruits an experienced team from GEHC senior talent.
H2 2014
Syncona builds out the management team with key experienced biotech hires and develops an accelerated filing strategy for Axumin
May 2015
BED opens its US subsidiary is opens; BED hires the President of BED Inc. and begins US team build-out; BED signs an exclusive agreement for US manufacturing and distribution of Axumin with Siemens PETNET (US market leader in PET)
May 2016
Axumin receives FDA approval (18 months ahead of plan)
August 2016
First commercial dose of Axumin is sold in the US.

Company Details

Description

PET imaging agent for prostate cancer

Fully diluted ownership

90%

Value of Syncona holding

£83.5m

% of nav

9.2%

Description

Blue Earth Diagnostics Ltd. (“BED”) was founded in March 2014 to develop and commercialise molecular imaging agents addressing areas of high un-met medical need.

Axumin has been developed and proven clinically to target and image prostate cancer cells. Axumin was reviewed by the US Food and Drug Administration (FDA) and was granted US regulatory approval in Q2 2016.

Prostate cancer is a leading cause of cancer death in men, second only to lung cancer, and a growing cost burden to healthcare systems worldwide. There were around 180,000 new cases and 26,000 deaths in the US in 2016.

CEO

Jonathan Allis

Syncona Representatives
  • Martin Murphy
  • Iraj Ali
  • Elisa Petris
President, BED Inc.
  • Mike Heslop
“Syncona partners have enabled us to take an undervalued asset out of a major healthcare company, and turn it into an exceptional business opportunity. I have found Syncona Partners to be genuinely interested in our business, rather than just the financials. They have provided major commercial and marketing insights, and helped us to build a better business.”

Jonathan Allis - Chief Executive Officer