Merger announced in biotechnology industry
Monday, May 21, 2012
BioTime, an Alameda, California-based biotechnology company, and its subsidiary LifeMap have purchased XenneX, which will merge into LifeMap Sciences.
The agreement over the definitive merger was announced last month but details are just now starting to come out, with LifeMap Sciences now holding the exclusive, global licenses to market GeneCards and PanDaTox from the Yeda Research and Development Company, which is the technology transfer arm of Israel's Weizmann Institute of Science.
With the merger, stockholders of XenneX received 1,362,589 shares of common stock from LifeMap Sciences, which is about 13 percent of the LifeMap Sciences common stock that is now outstanding. These shareholders also received 448,431 BioTime common shares as part of the deal.
"The need for the LifeMap database is a reflection of the growth of the field of regenerative medicine," said Michael West, Ph.D., chief executive officer of BioTime. "And the pace of this research is currently exponential, not linear. As a result, the scientific community today is very dependent on such relational databases. The LifeMap team is dedicated to building a quality resource in order to speed stem cell-based therapies to the clinic."
Scientists at LifeMap will also have the ability to utilize its databases to help in the development of BioTime's proprietary ACTCellerate human progenitor cell lines for products that aim to treat various human diseases, including degenerative diseases that may be treated by cell replacement therapy.
"By marketing GeneCards(R) and PanDaTox, and the newly licensed MalaCards human disease database, alongside its LifeMap(TM) stem cell database and discovery platform, LifeMap Sciences will be the leading source of online database research tools for genetic, biological, and stem cell research and development," said David Warshawsky, CEO at LifeMap Sciences and founder of XenneX. "We are confident that our products will enhance research and provide life-saving cures in the future."
Another merger recently took place in the finance industry with Realtors Federal Credit Union joining forces with Northwest Federal Credit Union. The merger will allow Realtors' members to have access to the continued financial and banking resources offered from Northwest Federal.
Investors interested in how these mergers will impact the stock market may want to read more about the various players before taking part in any online investment opportunities.
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