PharmAthene Announces Completion of Acquisition of Protexia(TM) From
Nexia Biotechnologies, Inc.
ANNAPOLIS, Md., March 10 /PRNewswire/ -- PharmAthene, Inc. today announced
completion of the purchase of all operations and assets related to
Protexia(TM) (recombinant human butyrylcholinesterase) from Nexia
Biotechnologies Inc. (Toronto: NXB). PharmAthene has formed a wholly owned
subsidiary, PharmAthene Canada, to manage the continuing preclinical
development of Protexia(TM). Completion of the acquisition was approved by
the Board of Directors of both Nexia and PharmAthene and a majority of Nexia
shareholders on March 7, 2005.
"The acquisition of Protexia(TM) further strengthens our biological and
chemical defense product portfolio. This will allow PharmAthene to play a
major role in preparing the United States for a potential biological or
chemical terrorist attack," said David P. Wright, President & CEO of
PharmAthene. "With the completion of preclinical development, human clinical
safety trials and manufacturing scale-up of Protexia(TM), the U.S. Government
will have the option to procure for the Strategic National Stockpile an
effective antidote for chemical nerve agents. Patients' lives can be saved
and the neurological sequelae from civilian exposure to a nerve agent attack
can be ameliorated."
Protexia(TM) is a recombinant form of human butyrylcholinesterase (BChE),
a naturally occurring protein found in minute quantities in blood. BChE
functions as a natural bioscavenger, like a sponge, to absorb toxins such as
organophosphate poisons (OP), nerve agents (sarin, soman, tabun, VX) and
certain pesticides, before they cause irreversible neurological damage.
PharmAthene is developing Protexia(TM) through recombinant transgenic
technology as a military prophylaxis and post-exposure treatment of civilian
casualties in the event of a potential chemical nerve agent terrorist attack.
The U.S. Army Institute for Chemical Defense (ICD) has demonstrated in in-vivo
studies Protexia(TM)'s capability as a medical countermeasure to protect
laboratory animals from the toxic effects of chemical nerve agents. While the
potential utility of BChE has been known for over a decade, a major limitation
in its development has been the inability to produce it in commercial volumes.
PharmAthene's transgenic production technology will overcome this limitation.
PharmAthene will consolidate the Research & Development facilities for
Protexia(TM) and its anthrax biodefense products, ToxBlox(TM) and
Valortim(TM), in the former Nexia facility located in Vaudreuil-Dorion, just
west of Montreal. This 56,000 sq. ft. facility contains 12,000 sq. ft. of
laboratories for the R&D department and includes facilities for recombinant
DNA manipulation and analysis, protein purification and product development
labs.
"This step to diversify our product portfolio with the acquisition of a
premier chemical defense technology platform, along with an extraordinary
group of high caliber senior R&D scientists and administrative staff, all in
one transaction, greatly strengthens PharmAthene's ability to take a
leadership role in the effort to protect the United States and its Allies from
chemical and bioterrorism," said David P. Wright.
To finance the cash portion of the acquisition, PharmAthene simultaneously
closed a Series C Round and the Asset Purchase Agreement. Teachers' Private
Capital, the private equity arm of the Ontario Teachers' Pension Plan and
Canadian Medical Discoveries Fund, Inc. (advised by MDS Capital Corp.), two of
Nexia's largest investors, along with MDS Life Sciences Technology Fund US,
L.P. (also advised by MDS Capital Corp.) participated in the Round along with
PharmAthene's Series B investors; MPM Capital, Bear Stearns Health
Innoventures and HealthCare Ventures.
PharmAthene, Inc. is a privately-held biotechnology company dedicated to
the rapid development of technologies to address the needs of the U.S.
Government and its Allies to combat biological pathogens and chemicals that
may be used as weapons of bioterror. In addition to Protexia(TM), the Company
has two products currently in development for Bacillus anthracis (anthrax);
ToxBlox(TM) a therapeutic anti-toxin for treatment of symptomatic patients
infected with anthrax in clinical development, and Valortim(TM) (in
collaboration with Medarex, Inc.), a fully human, high affinity anthrax
monoclonal antibody for pre- and post-exposure prophylaxis and a therapy for
symptomatic patients, which is in preclinical development. PharmAthene's
headquarters are in Annapolis, MD.
SOURCE PharmAthene, Inc.
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Related links:
http://www.pharmathene.com
CONTACT:
Mark E. Cooke, Senior Director, Education, of
PharmAthene, Inc., +1-410-571-8920, or cookem@pharmathene.com
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