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Genomics One Corporation announces the acquisition of the assets of Abionix Sarl
12 Dec 2005 -
Genomics One Corporation announced that it has acquired the assets of Abionix Sarl, which complement Genomics One's BioDefence intellectual property portfolio and its sales and marketing capabilities.
Genomics One had signed a co-distribution and co-development agreement in March 2005 with Abionix Sarl. The General Manager of Abionix Sarl, Mr. Frédéric Esplat, became a director on the Board of Genomics One on March 29, 2005. Following arms length negotiations an agreement was reached between both parties for Genomics One to acquire the assets of Abionix Sarl.
"As a result of this acquisition Genomics One becomes the owner, among other assets of Abionix Sarl, of two Mass Spectrometry patent applications, intellectual property, trade secrets, know-how related to advanced Mass Spectrometry equipment, trademarks, the right to use the Abionix corporate name, client lists, sales network, as well as corporate opportunities. In addition, the principals of Abionix Sarl, Mr. Frédéric Esplat and Dr. Claude Beaugrand, become our partners in France thus strengthening our joint presence in the global BioDefence market. They will both be instrumental in developing the Company's BioDefence products, solutions and market in Europe", said Dr. Suzanne L. Lebel, President and CEO of Genomics One.
To complete this transaction Genomics One will issue a total of 2,250,000 common shares of Genomics One from its treasury valued at $0.13 per share. At closing, 500,000 shares will be issued to Abionix, with the remainder of the shares placed in escrow and to be released to Abionix and its shareholders upon the successful achievement of milestones by the Abionix shareholders and realization of Genomics One sales targets. All the shares issued are subject to a 4 month hold period. This acquisition is subject to TSX approval and is strictly a share based transaction.
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