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Source Scientific Systems

This article was originally published in The Gray Sheet

Executive Summary

Original equipment manufacturer of diagnostic equipment and instruments sold by parent MicroProbe Corp. to the Alton Group for $1.5 mil. in cash and a $950,000 noninterest-bearing, subordinated, secured note payable on March 27, 1995. Source Scientific, which is being renamed Alton Biomedical Corp., will continue to supply MicroProbe with instruments used in its Affirm DNA probe-based diagnostic system. MicroProbe had purchased Source Scientific Systems in July 1991 to "gain instrument system development and manufacturing capabilities" for the Affirm; currently, however, Source's "OEM business is not properly aligned with MicroProbe's strategic objectives and core, oligonucleotide- based technologies," the company said Jan. 25
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