Inncardio, Inc. announces acquisition of Cengent Therapeutics, Inc.
Inncardio, Inc., a company founded by Bioaccelerate Holdings Inc., announced a definitive agreement to acquire Cengent Therapeutics Inc.. Inncardio, Inc. is a biotechnology company focused on the development of treatments and therapies targeted at cardiovascular-related diseases.
"We are pleased to have signed this agreement as we believe the combination of the products we are developing and the technological expertise and lead compounds identified by Cengent will extend and enhance our current product development efforts," stated Bernard Ross, Chief Executive Officer of Inncardio. "The acquisition represents a further execution of Bioaccelerate's strategy to invest in the rapid development and value enhancement of promising drug candidates, such as those being developed by Cengent."
"The acquisition by Inncardio provides us with significant additional resources and access to the public capital markets as we continue to drive our product candidates forward," said Gordon Foulkes, Ph.D., President of Cengent. "We believe this is the best opportunity for Cengent, our shareholders and employees. Inncardio provides the ability to preserve and grow Cengent's lead diabetes compounds into the clinic and maximize their value. Cengent provides capabilities in drug discovery, medicinal chemistry, preclinical development, and bringing novel drugs into the clinic, complementing Inccardio's expanded pipeline of products."
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