Biophage Pharma announces sale of Immunotox Labs Division to Validapro BioSciences
SEND ComtexDigg It StumbleUpon Newsvine Reddit MONTREAL, May 16, 2008 ---(TSX.V: BUG) - Biophage Pharma today announced that it has sold the assets of its Immunotox Labs Division to Validapro BioSciences Inc. for an aggregate consideration of $400,000 in cash and the assumption by Validapro Biosciences of certain liabilities. Validapro BioSciences will maintain all the personnel and will continue operation at the same premises. No finder fees were paid with respect to this transaction.
The sale of the Immunotox Labs division represents Biophage Pharma strategic initiative to focus exclusively on its advanced R&D program, which includes the detection, prevention and control of bacterial infections. Biophage Pharma has retained its core scientific team in order to achieve its immediate and longer-term commercialization goals. The proceeds from the transaction will significantly strengthen the Corporation's balance sheet while greatly reducing its total debt. This Transaction is subject to final approval by the TSX Venture Exchange.
"We realized the need to realign our strategic focus on areas that will generate the greatest return for our shareholders in the coming year. Moving forward, we will focus exclusively on the commercialization of the PDS(R) Biosensor and the management of nosocomial infections. The estimated global market for anti-infectives has reached more than US$20 billion. Building on our positive test results and near-market product in the pipeline, Biophage Pharma will continue to target exciting new commercial opportunities in the US and Europe" said Dr. Rosemonde Mandeville, president and CEO of Biophage Pharma Inc.
"Validapro BioSciences is very excited to welcome the Immunotox Labs team. With this addition of specialized services, Validapro BioSciences continues to realize its new strategic plan, by creating a Unique Global Services Center. We will offer to our clients high quality services that have always been the trademark of Biophage and Validapro. The synergies created by the integration of both teams of scientists and professionals will enhance the value of services provided to our customers" added Mr. Luc Dubois, Chairman of Validapro BioSciences Inc.
About Biophage Pharma Inc.
Biophage is a Canadian biotechnology company focused on the development of innovative phage-based products and technologies for the detection, prevention and control of bacterial infections. Biophage operates two divisions: (1) The Biosensors division for the development and commercialization of Biosensors PDS(R); and (2) The Therapeutics division for the prevention and control of bacterial contaminations in the medical, veterinary and environment fields. Both the Biosensor and Phage therapy programs have been structured to deliver an environmentally safe solution for the early detection and rapid control of deadly microorganisms.(www.biophagepharma.net.)
About Validapro BioSciences Inc.
Validapro BioSciences is a Services Center firm specialized in projects requiring regulatory conformity for the pharmaceutical, biotechnological and for the Life Sciences industries. Validapro BioSciences provides the necessary support from project design to completion, and ensure compliance with regards to Canadian (HPB), U.S. (FDA) and European (EMEA) regulations. By the integration a wide range of expertise in engineering, calibration, preparation of operating procedures, qualification and validation, Validapro BioSciences can offer turnkey solutions for the Life Sciences industries. (www.validapro.com)
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