Hmmmmm.........
missing pieces, obviously. Does this mean that VGNX now owns a piece of Signal?.......
26 Aug 2000
SignalGene Inc. has signed agreements to acquire all of the
outstanding shares of Nova Molecular Inc. (NMI), a Montreal-based
pharmacogenomics and drug discovery company.
The transaction is valued at approximately CA$6.9 million and the purchase
price is payable by SignalGene through the issue of 3,380,478 common
shares of SGI. The terms and conditions of the agreement provide for a
payment of CA$6.4 million at closing and for additional payment of
CA$500,000 by December 31, 2000, should certain defined milestones related
to ongoing Nova Molecular business activities be achieved before such date.
Nova Molecular Inc. was founded in 1995 to commercialize
pharmacogenomics technologies and research programs based on the work
of its scientific founder, Dr. Judes Poirier, Director of the McGill Center for
Aging in Montreal. This work had established an association between single
nucleotide polymorphisms (SNPs) in the Apolipoprotein E (ApoE) gene and
the outcome of drug therapy in Alzheimer's disease, and resulted in an issued
US patent covering pharmacogenetic applications of gene polymorphisms
(licensed exclusively to NMI).
Nova Molecular has elaborated a therapeutic strategy for the treatment of
neurodegenerative disorders based on the modulation of neuronal repair
mechanisms involving lipid transport pathways. A proprietary functional
assay system and a first lead compound which shows appropriate activity in
vitro and in human subjects forms the basis for NMI's internal drug discovery
and development program targeting neuron repair in Alzheimer's disorder,
Parkinson's disease and other neurodegenerative disorders.
"Nova Molecular provides an excellent strategic fit with SignalGene's ongoing
research and business activities," commented Dr. Michael Dennis, President &
CEO of SignalGene. "NMI brings proprietary gene variants with demonstrated
clinical utility for central nervous system disorders to SignalGene's GLP-based
Pharmacogenomics Services business, as well as ongoing commercial
activities and an established client base in this rapidly emerging market. We
see significant synergies between NMI programs and the technologies and
expertise brought into SignalGene through the recent acquisitions of
GeneScape and Nanodesign."
SignalGene is an integrated genomics-based drug discovery company.
Current research programs target metabolic disorders (obesity), women's
health (breast cancer and osteoporosis), inflammatory disorders (psoriasis)
and neurodegenerative disorders (Alzheimer's disease). The Company
generates short-term revenues, through its GLP-based pharmacogenomics
services and technology- based discovery collaborations, while pursuing its
internal research and development programs for partnering with major
pharmaceutical companies. |
