Proteome Systems enters agreement to acquire US-based Pharmaceutical Company, Eukarion, Inc.
The antioxidant drug compounds have been studied extensively by key academic groups in the United States and Europe. The portfolio of drugs covers topical, injectable and potentially oral forms. One of the drug compounds is already sold in premium anti-aging cosmetic products.
The acquisition involves a modest cash payment and an initial equity issue of approximately 1.7 million shares. The majority of the purchase price is payable in Proteome Systems' shares on meeting milestones in clinical development, licensing revenues and drug product sales.
Jenny Harry, Head of Discovery and Diagnostics says: "The acquisition of Eukarion consolidates our Discovery program in neurodegenerative disease. Our capacity to understand complex diseases with proteomics, along with the portfolio of drugs that Eukarion brings, will fast track our entry into the pharmaceutical industry. We will pursue the commercialization of these drug compounds through a combination of licensing, partnering and in-house development."
Bernard Malfroy, founder and CEO of Eukarion will join Proteome Systems as Head of Scientific Affairs. He commented "Eukarion and Proteome Systems share the vision of an integrated drug discovery business. Our extensive experience in drug discovery and development is complementary to Proteome Systems' expertise in proteomics. Our drug compounds show great promise for neurodegenerative diseases in particular".
The acquisition is scheduled to complete in February 2005.
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Topic world Diagnostics
Diagnostics is at the heart of modern medicine and forms a crucial interface between research and patient care in the biotech and pharmaceutical industries. It not only enables early detection and monitoring of disease, but also plays a central role in individualized medicine by enabling targeted therapies based on an individual's genetic and molecular signature.
Topic world Diagnostics
Diagnostics is at the heart of modern medicine and forms a crucial interface between research and patient care in the biotech and pharmaceutical industries. It not only enables early detection and monitoring of disease, but also plays a central role in individualized medicine by enabling targeted therapies based on an individual's genetic and molecular signature.