BURNABY, BC, Oct. 26 /CNW/ - Chromos Molecular Systems Inc. ("Chromos")
(TSX:CHR) announced today that it has entered into a definitive agreement
under which it will acquire Targeted Molecules Corporation ("TMC"), a
privately held San Diego based biotechnology company focused on the research
and development of two antibody product candidates for treatment of multiple
sclerosis (MS) and acute thrombosis. Concurrently with the acquisition Chromos
will complete a private placement to raise not less than $6.0 million, the
proceeds of which will be used to finance operations. The private placement
will be led by Neuro Discovery Limited Partnership ("NDLP"). Additional
participants in the private placement are expected to include current
shareholders of Chromos and TMC, and the lenders under the $2.0 million bridge
loan facility which closed earlier this year.
