• Raised $51 million of new capital and reduced debt by approximately $140 million
• Company to refocus commercial effort on Alba and expand MosaiQ into autoimmune and allergy
Eysins, Switzerland February 28, 2023 — Quotient is pleased to announce that it has successfully emerged from its US Chapter 11 process and completed its financial restructuring plan. Through the restructuring Quotient raised $51 million of new capital from existing investors and reduced its debt by approximately $140 million. Quotient’s new business plan will enable the Company to streamline operations and extract efficiencies. The core business remains highly focused on manufacturing and supplying its customers with high quality reagents and products from its Alba business unit, as well as expanding MosaiQ development into clinical diagnostics solutions for the autoimmune and allergy market. Quotient is well capitalized to advance and launch its MosaiQ differentiated diagnostics solution.
This achievement marks an important milestone in the Company’s journey towards long-term sustainability and growth. The successful outcome of the restructuring is a testament to the company’s strong business fundamentals, innovative technologies, and dedicated team of employees.
“We are pleased to have completed our refinancing plan and emerged from this process,” said Manuel O. Méndez. “Through this refinancing, we were able to refocus our business, right-size balance sheet and prioritize commercial and development activities. We want to express our gratitude to our partners and stakeholders for their continued support and understanding during this period of transition. We remain committed to delivering value and supplying high-quality reagents and products from our Alba business to our customers and partners.”
Quotient is dedicated to maintaining open and transparent communication with its partners and remains committed to continuing its legacy of innovation, excellence and service.
Building on 30 years of experience in transfusion diagnostics, Quotient is committed to delivering solutions that reshape the way diagnostics is practiced. Quotient has two key product portfolios, Alba by Quotient™ and MosaiQ™ by Quotient. The Alba by Quotient product range is comprised of high-quality reagents used to keep laboratories around the world running efficiently. They are sold directly to laboratories or through our OEM partners. MosaiQ by Quotient is our proprietary multiplex microarray technology, offering the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. Quotient’s operations are based in Eysins, Switzerland, Edinburgh, Scotland and Chicago, Illinois.