MONTREAL, Canada, Jan. 11 /PRNewswire-FirstCall/ - LAB International Inc. ("LAB"), a drug development company focused on developing therapies for the inhalation and pain markets, today announced it has signed the definitive Purchase and Sale Agreement for the acquisition of all of the outstanding membership interests of PharmaForm L.L.C., a privately held company headquartered in Austin, Texas. The transaction is expected to close within the next 2 weeks. U.S. $7.5 million in cash and U.S. $4.375 million in LAB shares will be paid at closing. The Sellers will be eligible for additional payments in LAB shares upon completion of certain milestones relating to PharmaForm's drug development programs reaching specific clinical trial stages.
"Now that the acquisition of PharmaForm is completed, we look forward to the rapid advancement into clinical trial stages of additional and complementary high potential platforms and products." commented Dr. Halvor Jaeger, CEO of LAB International.
Dr. Roman Denk has been appointed Vice-President Corporate Support replacing Mr. Hanns-Christian Palka who left the Company to pursue other interests. Dr Denk has more than 15 years of experience in the medical sciences industry most recently as founder and managing shareholder of CeloNova BioSciences Germany, GmbH, (www.CeloNova.com) (previously Polyzenix GmbH, Germany), an innovative medical device company. Dr. Denk holds a Doctorate in Chemistry from the University of Ulm and has a strong intellectual property rights background.
Headquartered in Austin, Texas, PharmaForm is a leading specialty contract service provider offering a portfolio of innovative technologies in drug product development, manufacturing and analytical testing. Through its diverse offerings, PharmaForm delivers drug product solutions that help clients reduce development costs and accelerate time-to-market. PharmaForm is currently expanding its drug product pipeline based upon its expertise in hot-melt extrusion and solids processing.
About LAB International
LAB is a drug development company focused on the growing multi-billion dollar inhalation market. Its lead product, for the treatment of breakthrough cancer pain, is a fast-acting Fentanyl formulation delivered using the Company's TAIFUN(R) dry powder inhaler platform. Its pipeline also includes therapeutics for asthma, COPD, and growth hormone deficiencies.
LAB's common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "LAB", on the Frankfurt Regulated Unofficial Market under the symbol "LD9.F" and on XETRA under the symbol "LD9.DE" with 76.2 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB International Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
LAB INTERNATIONAL INC.
CONTACT: visit LAB's website at www.labinc.ca, or contact: FredericDumais, Vice-President, Investor Relations, (514) 315-3330, Fax: (514)315-3325, email@example.com