LAXAI Completes Asset Purchase of OSR Solutions, Inc. as Platform Acquisition for Clinical Research Services
3/11/2010 8:26:58 AM
NEW YORK, March 11, 2010 (GLOBE NEWSWIRE) -- Laxai Pharma, Ltd. (f/k/a NexGen Biofuels, Ltd.) (OTCBB:NXGNF) today announced that it has completed its first acquisition in the clinical research services space by purchasing all of the assets of OSR Solutions, Inc. ("OSR"), a New Jersey based contract research organization ("CRO"), for $3.6 million consisting of the following: $1.5mm in cash, $0.75mm in notes, $0.60mm in assumed liabilities, and 5.6mm common shares of Laxai Pharma, Ltd. -- about 10% of the issued and outstanding common shares at closing. The acquisition was financed by a combination of debt and equity.
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