Clinical Data Completes Acquisition of Icoria
News Dec 21, 2005
Clinical Data, Inc. has announced that it has closed its previously announced acquisition of Icoria, Inc. following the astockholders of the merger by the stockholders of Icoria.
The terms of the Agreement and Plan of Merger include the exchange of each outstanding share of Icoria common stock for 0.01552 shares of Clinical Data common stock.
Effective immediately, Icoria will cease trading on the OTC Bulletin Board under ticker symbol ICOR.OB.
In conjunction with the acquisition, G. Steven Burrill will join Clinical Data's board of directors effective immediately, bringing the total number of directors to eight. Mr. Burrill was Chairman of Icoria's board.
"We are delighted to add Icoria's biomarker discovery platform to our existing molecular services and diagnostics testing businesses," said Israel M. Stein, MD, President and Chief Executive Officer of Clinical Data.
"In particular, Icoria's metabolomics and gene expression capabilities will significantly enhance the pharmacogenomics technologies we acquired through our merger with Genaissance Pharmaceuticals."
"This is an exciting time at Clinical Data as we continue to build upon our core capabilities and broaden our service offerings."
"Like Genaissance, Icoria works with leading pharmaceutical and biotechnology companies as well as government and academic institutions."
"Together, these acquisitions substantially strengthen our position in the molecular services and clinical pharmacogenomics arenas and solidify the foundation for our molecular diagnostics testing business - three areas of growing importance in the marketplace."
Randal J. Kirk, Chairman of Clinical Data said, "We are continuing to strategically add to our core expertise, building a company that is transforming the industry by developing molecular diagnostic tests targeted to improving therapeutic efficacy and reducing drug toxicity."