Isogenica completes acquisition of the principal assets of Karyon CTT
Cambridge, UK, May 6th 2008:
Isogenica Ltd. today announced that it had acquired the principal assets of the Finnish biotechnology company, Karyon CTT Ltd. (KCTT) as well as securing a Â£2 million cash investment. Under the terms of the acquisition agreement, Isogenica will acquire the intellectual property portfolio and the laboratory equipment of KCTT. At the same time the Finnish company KC Holding Ltd. have, in exchange for a Â£2 million cash investment, received an unspecified number of Isogenicaâ€™s ordinary shares. Isogenica has developed a powerful in vitro display technology, CIS display, which provides a novel and effective means of rapidly identifying polypeptides that bind with high affinity and fine specificity to any given molecular target. The technology can also be used for enhancing the in vivo performance of therapeutic and diagnostic peptide products.
"We are delighted that the board and owners of KCTT concluded that Isogenica was an attractive new home for KCTTâ€™s principal assets. The cash investment along with the laboratory equipment will significantly strengthen Isogenicaâ€™s operations while the IP portfolio contains some compounds that, when further optimized using CIS display could result in the creation of assets with substantial value.â€ said Dr. Kevin FitzGerald, Isogenica's CEO. "We are further pleased to welcome the owners of KC Holding Ltd. as new shareholders of Isogenica and to welcome Dr Renny Leach on to our board of directors as the KC Holding Ltd. representative.â€
Dr Leach commented â€œKCTT were impressed by Isogenicaâ€™s platform technology and client portfolio. Isogenicaâ€™s ability to enhance the KCTT portfolio is a very exciting opportunity. The asset transfer was therefore a natural extension of KCTTâ€™s peptide development programme.â€
- ENDS -
Notes to editors About Isogenica - www.isogenica.com Isogenica was formed in December 2000 to develop and commercialize innovative in vitro molecular evolution technologies. The company has its research facility at the Babraham Research Campus, Cambridge UK. Isogenica's core technology, CIS display, can be applied to the discovery of new antibody, peptide and polypeptide drug candidates, to the discovery of high specificity diagnostic compounds and to the isolation of target validation and other research reagents, purification and detection reagents.
Contact details: Kevin FitzGerald, PhD MBA Isogenica Ltd. +44 (0) 1223 496720 [email protected]
Katja Stout/ Holly Griffiths/ Benjamyn Tan College Hill +44 (0) 20 7866 7856 [email protected]