Questar International, Inc. (OTC BB:QSIT)
Soon to be renamed: DNA Medical Technologies, Inc.
On June 9th, 1998 an extraordinary press release was made:
TOKYO--(BUSINESS WIRE)--June 9, 1998--The Pax International, INC. (PAX) a Japanese corporation, has offered to purchase 80 percent of the issued and outstanding 89,328,333 shares, (71,462,666 shares) of Questar International, Inc., at a price of $20.97 per share, or a total of $1,498,429,427.00.
What is so remarkable is that QSIT was trading at under $1 at the time !
For the complete news release see:
biz.yahoo.com
What is Questar doing that could be so valuable ?
From the June 8, 1998 press release : "Questar International believes that healthy, immune system DNA, extracted and stored at a client's request earlier in their lives, might one day be used as a reference point in future gene therapy techniques benefiting that individual.
DNA sequences stored from an earlier, healthier point in someone's life might someday lead to rejuvenation of an immune system weakened by natural aging. DNA sequences today are used for human remains identification in the event of an accident, in parentage cases and in locating different gene markets for diseases. Someday, stored DNA sequences could be used to designate perfect genetic matches for bone-marrow transplants and other treatments."
The project has resulted in a joint venture with Human Medical Options (HMO), giving that company exclusive rights for DNA classification and storage in Latin America. A group of physicians will be directed by Dr. Kary B. Mullis, of La Jolla, Calif., the 1993 Nobel Prize winner in chemistry, and Dr. Kenneth W. Jones, professor of human genetics at the University of Edinburgh, Scotland to carry out the organization. This joint venture is projected to "generate USD$20.6 billion" (see press release below).
The lifetime fee for submitting one's DNA via a blood sample is $515 and samples can be released back to clients whenever they want them for medical purposes at no additional fee.
Please see this news release for further details: biz.yahoo.com
This seems like an enormous project with enormous ramifications from a business, scientific and social standpoint. Please confine comments on this thread to issues pertaining to the company and the science and not opinions regarding the social aspects. Those matters are relevant but would best be discussed on another thread.
The new name for the company was mentioned in the press release on 7/17/98 biz.yahoo.com |
