CLX buys ThyroTec's underactive thyroid test
This article was originally published in Clinica
Executive Summary
CLX Medical has definitively agreed to acquire ThyroTest, a rapid, point-of-care test for hypothyroidism, from the product's New Jersey-based developer, ThyroTec, in a cash-and-stock deal. Under the terms of the agreement, CLX will pay ThyroTec $750,000 in cash at closing, as well as issue convertible preferred stock to the latter. As part of the deal, ThyroTec CEO Jim Small will join CLX's board of directors. The two companies had previously inked a deal in which CLX would have gained exclusive worldwide sales and marketing rights to the FDA-cleared and CLIA-waived test (see Clinica No 1319, p 15). According to Murrieta, California-based CLX, around 45 million lab tests are carried out in the US to diagnose thyroid dysfunction. It believes ThyroTest can be "a cost-effective first step" to thyroid stimulating hormone testing.