BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

AEterna Zentaris (AEZS) Sells Echelon Biosciences Inc. to Frontier Scientific Inc.


12/3/2007 7:11:01 AM

QUEBEC CITY, Dec. 3 /PRNewswire-FirstCall/ - AEterna Zentaris Inc. (NASDAQ: AEZS - News; TSX: AEZ - News), a global biopharmaceutical company focused on endocrine therapy and oncology, today announced it has completed the sale of all issued and outstanding shares of its wholly-owned Salt Lake City, Utah-based subsidiary, Echelon Biosciences Inc., to Frontier Scientific Inc. The transaction represents $3.2 million, including $2.6 million upfront and payable immediately with a $0.6 million in contingent consideration.

David J. Mazzo, Ph.D., President and CEO of AEterna Zentaris Inc. stated, "We are very pleased to have finalized the transaction with Frontier Scientific for the sale of Echelon. It is our intention to divest our remaining non-core assets as they provide additional non-dilutive sources of funds that we will dedicate to advance our lead development programs, specifically our ongoing Phase 3 program with cetrorelix for the treatment of BPH."

Dr. Jerry Bommer, President of Frontier Scientific commented, "Frontier Scientific and Echelon Biosciences both have outstanding personnel and complementary markets, technologies, facilities, and operations. The acquisition will lead to new technology development and growth opportunities."

On October 2, 2007, the Company announced its intention to divest its non-core assets, including Echelon Biosciences.

About Echelon Biosciences Inc.

Echelon Biosciences Inc., a Salt Lake City based biotechnology company with 20 employees, is engaged in furthering the science of lipid cell signalling and critical metabolic enzymes, which provide new and viable targets for the development of potential drugs and diagnostics for cancer, diabetes, inflammation, infections, and cardiovascular disease. The focus is also on small molecule agonists and antagonists to lipid-protein signalling interactions which are new and important therapeutic targets. Furthermore, Echelon markets chemical reagents.

About Frontier Scientific, Inc.

Frontier Scientific Inc. (FSI) is a chemical developer, manufacturer and custom research services provider to the pharmaceutical, biotechnology, industrial chemical, government, and academic sectors. FSI specializes in the development of chemical compounds and processes related to porphyrins, phthalocyanines and boronic acids. FSI is a privately-held corporation established in 1975 and headquartered in Logan, Utah.

About AEterna Zentaris Inc.

AEterna Zentaris Inc. is global biopharmaceutical company focused on endocrine therapy and oncology, with proven expertise in drug discovery, development and commercialization. News releases and additional information are available at www.aeternazentaris.com.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except if we are requested by a governmental authority or applicable law.

Source: AETERNA ZENTARIS INC.



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES