Healthcare apps developer 3D4Medical has been acquired by publisher?Elsevier.

Life sciences group?Malin, which paid $16 million (?14.5 million) for a 38 per cent stake in the award-winning 3D medical technology company in mid-2015, said it received over ?17 million for its shareholding.

No overall price has been disclosed for the transaction but industry sources indicated that Elsevier had paid about $50 million (?45.4 million)for the Irish company.

Dublin-based 3D4Medical, which reported a $560,000 pretax loss last year, was founded in 2004 by?John Moore?and?Niall Johnston. It has 75 employees.

The company?s software-as-a-service (SaaS)-based subscription business has grown to over 100,000 annual subscribers.

?When we started 3D4Medical, we wanted to disrupt the way anatomy was taught and learned,? said Mr Moore

?Our advanced and proprietary technology and content are available on the devices used by a new generation of students. Together with Elsevier, a global leader in medical content, we look forward to this new and exciting chapter.?

3D4Medical has achieved over 25 million downloads across its product suites and has been ranked the leading medical app on the app stores of?Apple,?Microsoft?and?Google?in 160 countries.

?We are looking forward to accelerating our medical education offerings with

the addition of 3D4Medical,? said Jan Herzhoff, managing director, health education at Elsevier.

?With 3D4Medical?s advanced technology and brilliant content, we hope to bring this 3D anatomy platform to more learners, educators and professionals,? he added.

Malin, which has seen its share price tumble as much as 60 per cent since its 2015 flotation, said the amount it received from the sale of its stake, represented a 10 per cent premium on the value of its shareholding as of the end of June.

?The net proceeds that we will receive from this transaction will strengthen our capital position, reducing our outstanding EIB debt, as we look forward to several clinical milestones in our priority asset group in 2020? said Malin chief executive?Darragh Lyons.