Just 16 years ago two doctors sat at a crowded workbench in a free laboratory space injecting drug samples into tissue samples in test tubes.
Next month the doctors at In Vitro Technologies, leading a work force of 60 scientists and technicians, will become part of a large multinational drug testing empire, the London-based Celsis International PLC, to the tune of $35 million.
“We expect not just to continue to operate, but to grow at a faster pace,” said founder and president Paul Silber. Celsis is a “very strong company offering both products and services to pharmaceutical companies.”
The sale will bring large-scale investment from Celsis.
In vitro systems ? literally testing drugs “in glass” rather than on live animals ? have revolutionized the drug industry.
The samples allow scientists to precisely and quickly measure the affects of very small quantities of experimental compounds, saving time and money in developing new drugs.
When Silber started marketing his lab services in the early 1990s, he said he had to educate a lot of drug companies who had not heard of in vitro testing.
Since then the operation has mushroomed.
“The sale really confirms the value of In Vitro Tech.,” said Ellen Hemerly, director of the University of Maryland Baltimore County business incubator, which first provided lab space to In Vitro. “We also are a very small stockholder, so it?s good for us too.”
In Vitro currently leases space in the university?s business accelerator program at the Research and Technology Park as an “anchor” biotech firm, she said, and is expected to continue their lease.
Last year, In Vitro Tech reported revenues of $11.6 million, including $1.2 million in profits.
The year before, the company grossed $9.6 million with $600,000 in profit.
In Vitro has laboratories in Germany as well, and is well positioned to help Celsis become a multinational testing company, Silber said.
The purchase must still be approved by Celsis shareholders in a meeting that is scheduled for July 11.
