COLUMBUS, Ohio, Oct. 29 /PRNewswire/ -- Ventaira Pharmaceuticals announced today that Battelle, a science and technology development leader, will acquire Ventaira's assets and assist Ventaira in closing its operations. Financial terms of the acquisition were not disclosed.
"We will be working with Battelle to transition our assets. In addition, we will work closely with Battelle to explore employment opportunities for our employees," said Leslie Williams, President and CEO of Ventaira Pharmaceuticals. "I would like to thank all of our investors and employees for their dedication to Ventaira and our technology."
Ventaira's clinical development program and device development work are discontinued effective today, Oct. 29, 2007. Operations at Ventaira are expected to close by Dec. 31, 2007.
Ventaira is a specialty pharmaceutical company based in Columbus, Ohio that develops a proprietary pulmonary drug delivery technology, Mystic(TM) (Electrohydrodynamic-EHD), and formulation capabilities to deliver drugs more efficiently to and through the lung. EHD is an electronic nebulization process in which an electrical field is applied to a conductive liquid leading to the formation of a soft mist droplet aerosol. Ventaira was spun out from Battelle in 2000.
Battelle provides solutions to some of the world's most important challenges through its three global businesses: National Security, Energy Technology, and Health and Life Sciences. Battelle is the world's largest independent research and development organization with technology contributions that find their way into hundreds of commercial products each year. Conducting $3.8 billion in global R&D annually, Battelle oversees 20,000 employees in more than 120 locations worldwide, including five national laboratories Battelle manages or co-manages for the U.S. Department of Energy.
Headquartered in Columbus, Ohio, and established in 1929 as a non-profit charitable trust, Battelle focuses on societal and economic impact and actively supports and promotes science and math education.
CONTACT: Leslie Williams, President and CEO of Ventaira Pharmaceuticals,