Subj: BFTI announces a merger with Immune Network Research Ltd.
Date: 96-10-17 09:21:05 EDT
From: staff@quote.com
To: quotecom-users@quote.com
News Alert from BusinessWire via Quote.com
Topic: Bio Florescent Technologies
Quote.com News Item #1345346
Headline: BFTI announces a merger with Immune Network Research Ltd.
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 17, 1996--Bio
Fluorescent Technologies Inc. (OTC BB:BFTI) (BFTI) Thursday
announced that it has entered into a memorandum of intent to merge
with Immune Network Research Ltd. (INR), a Vancouver, British
Columbia-based biotechnology company engaged in the research and
development of immunological products for the diagnosis, prevention
and treatment of AIDS and other human immune systems disorders.
BFTI would be the surviving company.
BFTI is a biotechnology company engaged in the development of
technically advanced state-of-the-art diagnostic equipment in
response to the global demand for human screening and confirmatory
immuno assay products and services for various viral diseases.
The proposed merger, which is subject to approval by the boards
of directors and shareholders of the constituent corporations, and
other conditions, involves BFTI's issuing its securities for INR so
that after the merger, INR shareholders will hold about 60 percent,
and BFTI shareholders will hold about 40 percent of the merged
corporation, prior to financing.
Management of BFTI and INR believe that the proposed merger will
greatly enhance the ability of the two companies to achieve their
common business goals of expanding their human resource team and
their product and geographic base and improving their ability to
attract necessary additional financing for their operations.
The merger is intended to provide synergism to produce
up-to-date approaches to HIV testing, AIDS prevention and therapy.
INR is developing technology and monoclonal antibodies relating
to therapeutics and a vaccine for HIV infection including technology
to eliminate HIV infected T-cells.
INR research is directed by:
-- Dr. Geoffrey W. Hoffmann, Associate Professor with a joint
appointment in the Department of Physics and Microbiology and
Immunology, University of British Columbia and founder of the
company
-- Dr. Ana Maria Gomez, University of Cincinnati
-- Dr. Michael D. Grant, Assistant Professor of Immunology,
Faculty of Medicine, Memorial University, New Foundland
INR scientific advisory board includes:
-- Dr. George I. Bell, Senior Fellow, Los Alamos National
Laboratory
-- Dr. Antonio Coutinho, Professor, Institut Pasteur
-- Dr. John Kearney, Professor of Microbiology, Division of
Developmental and Clinical Immunology, University of Alabama
-- Dr. Heinz Kohler, Professor, Microbiology and Director of
Research, Markey Cancer Center, University of Kentucky
-- Dr. Luc Montagnier, Head of the Viral Oncology Unit,
Institut Pasteur
-- Dr. John Schrader, Professor, Biomedical Research Centre,
University of British Columbia
CONTACT: Bio Fluorescent Technologies Inc., Scottsdale
George, 800/870-1233 |
