Nexia Biotechnologies Inc. Completes Sale Of Protexia Operations, Assets To PharmAthene, Inc.; PharmAthene Closes $11.2 Series C

MONTREAL (CP) - Nexia Biotechnologies Inc. has completed the sale of its operations and assets related to its Protexia business to PharmAthene, Inc. for $11.2 million US in cash plus securities, the company announced Monday. Protexia is a drug designed to protect the military from biological weapons. In addition to the cash, Nexia also gets approximately 7.5 million series C convertible preferred shares of PharmAthene, 2.3 million warrants to acquire series C preferreds and 1.3 million warrants to acquire PharmAthene common shares.