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Biotech / Medical : VGNX -- Variagenics, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (12)	4/28/2001 1:34:37 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 269

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.