Bio-America Completes the Acquisition of Novocure Inc.
27-May-2004
TORONTO - Bio-America
is pleased to announce that it has completed the acquisition of all of the
issued and outstanding shares of a private biotechnology company, Novocure
Inc., in Exchange for 4.2 million shares of Bio-America, Inc.
Novocure is a private company that holds the intellectual property rights
and trademarks in the biotechnological innovations of Dr. Eliezer Huberman.
Dr. Huberman is recognized as one of the world's leading cellular and
molecular biologists.
Effective immediately, Dr. Huberman has been appointed to head the
Scientific Advisory Board of Bio-America. Dr. Huberman is currently Group
Leader & Senior Biologist at the Argonne National Laboratory. Argonne was the
United States first national laboratory, chartered in 1946. Today, the
laboratory has more than 4,000 employees, including about 1,400 scientists and
engineers, of whom about 700 hold doctorate degrees. Argonne's annual
operating budget of more than $475 million supports upwards of 200 research.
During his tenure as the Center's director, Dr. Huberman has been in charge of
managing and administering a multi-disciplinary program that spans the fields
of molecular genetics, genome research, structural biology and computational
biology. He was responsible for initiating new programs and recruited most of
the leading scientists at the Center.
Throughout the years Dr. Huberman has served as the associate editor of a
number of prestigious scientific journals. He also serves on various advisory
committees in both the United States and abroad. These committees include the
Massachusetts Institute of Technology and the prestigious Englehard Institute,
which is Russia's premier biological research center. Dr. Huberman has
frequently been invited to chair sessions and be a speaker at international
meetings and over 200 of his papers have been published in leading scientific
journals. Two of Dr's Huberman's articles have been the most cited articles in
the years they were published.
"This acquisition and the continued collaboration with Dr. Huberman
uniquely positions Bio-America to rapidly move towards commercialization. With
the acquisition of Novocure, Bio-America now has in place, a foundation from
which the company can pursue its goal of becoming a highly successful research
and development biotechnology company." said Tom Stevens President of
Bio-America. "This acquisition also demonstrates a key aspect of the corporate
strategy of Bio-America. We will continue to seek opportunities to acquire new
and exciting technologies, developments and products that will enhance our
capabilities."
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