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Norak Biosciences, Inc. Changes Name To Xsira Pharmaceuticals, Inc.


10/19/2005 5:10:53 PM

RESEARCH TRIANGLE PARK, N.C., Jan. 3 /PRNewswire/ -- Norak Biosciences, Inc. announced today it has changed its corporate identity to Xsira Pharmaceuticals, Inc. effective immediately. The name change is one element of a plan to transition from a platform technology company to a product development company.

"Norak was founded in 1999 with a two pronged strategy, to scale up its Transfluor(R) technology for licensing to third parties as a revenue generator, while simultaneously using Transfluor to discover its own drug pipeline," commented Dr. Roger D. Blevins, President and CEO of Xsira. "Both Transfluor and our drug pipeline have evolved to the point where separation of these activities is now in the best interest of the Company. As such, we are seeking to divest of our Transfluor business, and intend to utilize the proceeds to advance our drug pipeline, as well as to in-license later stage products with a strategic fit."

About Xsira:

Xsira Pharmaceuticals, Inc., headquartered in Research Triangle Park, NC, is a private biotechnology company. Xsira is utilizing various proprietary technologies including Transfluor to become a world leader in the discovery and development of drugs that regulate G protein-coupled receptors. For more information about Xsira Pharmaceuticals, Inc., please visit the Company's website at http://www.xsira.com/

Contact:

Terry E. Willard Executive Vice President Xsira Pharmaceuticals, Inc. 7030 Kit Creek Road Morrisville, NC 27560 Phone: 919-248-8000 ext. 8804 Fax: 919-248-8033 twillard@xsira.com

Xsira Pharmaceuticals, Inc.

CONTACT: Terry E. Willard of Xsira Pharmaceuticals, Inc.,+1-919-248-8000 ext. 8804, or fax, +1-919-248-8033, or twillard@xsira.com


Read at BioSpace.com

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