Clinical Data Completes Acquisition of Genaissance Pharmaceuticals
Clinical Data, Inc. (NASDAQ:CLDA) today announced that it has closed its previously announced acquisition of Genaissance Pharmaceuticals, Inc. following the approval of the merger by the stockholders of each of the two companies. The terms of the Agreement and Plan of Merger include the exchange of each outstanding share of Genaissance Pharmaceuticals common stock for 0.065 shares of Clinical Data common stock, and the exchange of Genaissance preferred shares for newly designated Clinical Data preferred shares. Effective immediately, Genaissance will cease trading on Nasdaq under the ticker symbol GNSC. In conjunction with the acquisition, Kevin Rakin and Joseph "Skip" Klein III will join CLDA's board of directors effective immediately, bringing the total number of directors to seven. Both were members of the Genaissance board.
"This marks the beginning of an exciting time at CLDA as we build upon our core diagnostic capabilities and broaden our market to include pharmacogenomics, a growing and promising area in the healthcare industry," said Israel M. Stein, MD, President and Chief Executive Officer of Clinical Data. "Recently, Genaissance has signed a number of agreements with pharmaceutical companies for its pharmacogenomics technology and genotyping services, demonstrating the growing acceptance and need for this important modality in the marketplace."
The combined company will be profit driven, operate domestically and internationally, and will offer a wide range of reagents, instruments and molecular testing services directed at the physician office and hospital markets. The Company's DNA and pharmacogenomics services will continue to be marketed to the pharmaceutical, biotechnology and agricultural marketplaces. Recently, CLDA announced that it has entered into a definitive agreement to acquire Icoria, Inc. (OTC Bulletin Board: ICOR.OB), which will add additional capabilities in the area of molecular diagnostics.
Randal J. Kirk, Chairman of Clinical Data said, "We are strategically adding to our core expertise, building a company that is not only a leader in the development and marketing of traditional medical diagnostics, but one that is transforming the industry by developing molecular diagnostic tests that will improve the prescribing of therapeutics and, thus, influence the management of patient care."
WR Hambrecht + Co acted as financial advisor to Clinical Data and CIBC World Markets Corp. acted as exclusive financial advisor to Genaissance Pharmaceuticals, Inc. in this transaction. |
