Nanobac Pharmaceuticals Signs LOI for the Acquisition of DNAPrint Genomics
News Feb 06, 2008
Nanobac Pharmaceuticals Inc. has announced a jointly signed letter of intent for the acquisition of DNAPrint Genomics, Inc.
With the acquisition, which is subject to DNAPrint Genomics shareholder approval, Nanobac becomes one of a select group of next-generation drug and diagnostics developers, applying advanced computational methods and systematic genome-based approaches to streamline clinical product development.
Nanobac adds advanced drug and diagnostics development programs, key patents and patent applications, and a proprietary product modeling platform to its existing initiatives, and expands its focus into multiple disease sites for both Diagnostics and Therapeutics.
The combined company would have annualized revenue of approximately $5,000,000, developing drug pipeline and product development collaborations with Harvard/Beth Israel Deaconess Medical Center, Mayo Clinic, Cleveland Clinic and Emory University.
DNAPrint Genomics has developed, patented and published various technologies for an improved, 21st century model of clinical product development.
“Dr Hector Gomez has been on the Company’s advisory board giving Nanobac the benefit of evaluating DNAG’s technologies and portfolio of products,” said Dr. Benedict Maniscalco, Co-Chairman and Chief Medical Officer of Nanobac Pharmaceuticals.
“Combining our diagnostic portfolios, specifically DNAP’s Protectin™ and Nanobac’s NB2 has the potential to play a significant role in the early diagnosis of vascular disease and could potentially help in identifying early signs and progression of cardiovascular disease,” Dr. Maniscalco concluded.