Sepragen Announces Intent To Acquire Assets Of Cytobiologics And Pursue Development Of Integrated Cell Culture/Purification System
Published: May 17, 2006
HAYWARD, Calif.--(BUSINESS WIRE)--May 17, 2006--Sepragen Corporation (Pink Sheets:SPGNA - News), a provider of patented technology and equipment for purification needs in the biotech and nutraceutical industries, today announced the signing of a letter of intent to acquire substantially all of the assets of Cytobiologics, Inc. (a development stage company). The assets include laboratory equipment and intellectual property related to certain rapid assays and a high density bioreactor, which complements Sepragen's existing high density bioreactor currently in "alpha development." Sepragen's CEO and founder, Vinit Saxena, remarked, "The addition of Cytobiologics' capability will provide us with facilities, talent and intellectual property to pursue the development of an integrated bio-manufacturing system. This will allow us to move up the value chain and be more of a full solution provider to our customers. The acquisition is subject to concluding a definitive agreement and to securing board approvals."