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Genetix to Acquire Applied Imaging for $18M

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SAN JOSE, Calif., Sept. 1, 2006 -- Applied Imaging Corp. of San Jose, a supplier of automated imaging and image analysis systems, today announced that it has agreed to be acquired by Genetix Group plc., a UK-based cell biology, proteomics & genomics health technology group, for $18.3 million in cash.

Under the terms of the agreement, which is subject to approval by Applied Imaging's stockholders, Genetix will pay $3.06 per share to acquire all of Applied Imaging's common stock. The transaction is expected to close in the fourth quarter of 2006. Aquilo Partners Inc. acted as financial advisor to Applied Imaging in the transaction.

Based in New Milton, Hampshire, England, Genetix manufactures systems that reduce the time and cost of introducing new biopharmaceuticals. Its products include instruments and consumables that were used in the Human Genome Project and are now used in the genetic analysis of human diseases -- analyzing and selecting cells for the production of therapeutic proteins. In addition to its UK headquarters, Genetix has offices in Boston and Munich, Germany.

"This proposed acquisition is consistent with our strategy to broaden and strengthen our capabilities in cell imaging and analysis. By diversifying our product portfolio and building our US presence we will be better able to address global growth opportunities in the drug discovery and clinical diagnostics markets. Genetix's cell biology instruments and reagents complement Applied Imaging's imaging and image analysis systems and will help both companies to expand in the US, Europe and Asia," said Mark Reid, Genetix CEO.

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Sep 2006
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