908 Devices Acquires TRACE Analytics, Enabling On-line Bioanalytics

Rhea-AI Summary

908 Devices (NASDAQ: MASS) has completed its acquisition of TRACE Analytics GmbH, a German firm specializing in online analysis and sampling systems for biotech applications. The purchase includes an initial payment of $15.3 million, plus up to $2.0 million contingent on future milestones. This acquisition aims to enhance 908 Devices' mass spec devices for on-line bioprocess monitoring, aligning with their goal of developing a comprehensive bioanalytics platform. The integration is expected to bolster their capabilities in providing actionable insights for Bioprocessing 4.0.

Positive

• Acquisition enhances capabilities in bioprocess monitoring.
• Expected to develop a comprehensive bioanalytics platform.
• Acquisition aligns with Bioprocessing 4.0 goals.

Negative

• Initial cash payment of $15.3 million may strain cash reserves.
• Contingent payment of $2.0 million poses financial risk.

BOSTON--(BUSINESS WIRE)-- 908 Devices (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop mass spec devices for chemical and biomolecular analysis, today announces that it has completed the acquisition of privately-held TRACE Analytics GmbH, based in Braunschweig, Germany, a provider of on-line analysis and sampling systems for biotech applications. 908 Devices expects the acquired technology to enable its mass spec devices as on-line bioprocess monitors.

Founded in 2003, TRACE Analytics develops on-line aseptic sampling systems and novel biosensors for bioreactor monitoring and control. Their validated technology, in single-use and reusable configurations, is applied in mammalian cell culture and microbial fermentations at all levels of the bioprocess chain, from research and development to large scale production.

“The addition of TRACE Analytics enables us to take a measurable step forward in our goal to build a connected and comprehensive bioanalytics platform,” said Dr. Kevin J. Knopp, CEO and Co-founder of 908 Devices. “We are excited to have the TRACE Analytics team join us as we work together to meet the needs of our customers with on-line devices that provide actionable insights and enable Bioprocessing 4.0.”

“Our focus has been to develop robust and easy to maintain devices for bioprocess monitoring and control,” said Dr. Wolfgang Künnecke, founder of TRACE Analytics. “We feel a strong affinity with 908 Devices, and we look forward to working together to develop innovative on-line analyzers.”

The purchase consideration includes an initial cash payment of $15.3 million and up to an additional $2.0 million of contingent cash consideration upon the achievement of certain milestones over the next two years.

Webcast Information

908 Devices will discuss this acquisition on a conference call for its second quarter 2022 financial results before market open on Tuesday, August 9, 2022, at 5:30 am Pacific Time / 8:30 am Eastern Time. A webcast of the conference call can be accessed at https://ir.908devices.com/news-events/events. The webcast will be archived and available for replay for at least 90 days after the event.

About 908 Devices

908 Devices Inc. (Nasdaq: MASS) is democratizing laboratory mass spectrometry with its simple handheld and desktop devices, addressing critical-to-life applications. The Company’s devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in life sciences research, bioprocessing, pharma / biopharma, forensics and adjacent markets. The Company is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the power of mass spectrometry, microfluidic separations, software automation and machine learning. For more information, visit www.908devices.com.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the expected uses and capabilities of the Company’s products. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including the risks outlined under “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Additional information will be made available in the Company’s annual and quarterly reports and other filings that it makes from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law.

Source: 908 Devices Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005361/en/

Media

Barbara Russo

brusso@908devices.com



Investors

Carrie Mendivil

IR@908devices.com

Source: 908 Devices Inc.

FAQ

What is the purpose of the acquisition of TRACE Analytics by 908 Devices?

The acquisition aims to enhance 908 Devices' bioprocess monitoring capabilities and support the development of a comprehensive bioanalytics platform.

How much did 908 Devices pay for the acquisition of TRACE Analytics?

908 Devices made an initial cash payment of $15.3 million, with up to an additional $2.0 million contingent upon achieving certain milestones.

What impact does the TRACE Analytics acquisition have on 908 Devices' future?

The acquisition is expected to expand 908 Devices' market offerings and improve their product lineup for online bioprocess monitoring.

When was the acquisition of TRACE Analytics announced?

The acquisition announcement was made on August 9, 2022.

What is the stock symbol for 908 Devices?

The stock symbol for 908 Devices is MASS.