Graham & Pete:
BIO FLUORESCENT TECHNOLOGIES INC. - IMMUNE NETWORK RESEARCH LTD. - Bio Fluoresce
Date: 97-02-26 14:07:45 EST
From: staff@quote.com
To: quotecom-users@quote.com
News Alert from Market News Publishing via Quote.com
Topic: Bio Florescent Technlgys (New)
Quote.com News Item #2157187
Headline: BIO FLUORESCENT TECHNOLOGIES INC. - IMMUNE NETWORK RESEARCH LTD. -
Bio Fluorescent Agreement with Immune Network Research
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Bio Fluorescent Technologies, Inc., announced that it entered into a
determinative Assets Acquisition Agreement ("Agreement") with Immune
Network Research, Ltd., of Vancouver, B.C. Canada whereby BFTI has agreed
to acquire all of the assets of INR and concurrently, to contract the
services of key members of INR's scientific and management team in exchange
for approximately 9,000,000 BFTI common shares and stock options for up to
717,000 shares of BFTI's common stock.
INR, thorough its highly qualified scientific team, has concentrated
its efforts over the past four years in the research and development of
immunological products for the diagnosis, prevention and treatment of AIDS
and other human immune systems disorders.
INR is engaged in research for the prevention and treatment of
diseases of the immune system and is moving ahead with the development of
novel approaches using monoclonal antibodies, such as CTB-1.
BFTI is in the process of performing its due diligence review and
plans to confirm the status of INR's technology and other assets within the
next few weeks. INR and BFTI believe that the combination of BFTI's access
to the large capital markets for biotechnology companies int he U.S. with
the joint participation by both companies management in the continuing
development of INR's assets should benefit shareholders of both companies.
INR and BFTI have commenced respective due diligence review efforts
and are addressing other major conditions requisite to closing the
Agreement.
TEL: 1-800-870-1233 Bio-Fluorescent Technologies, Inc.
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