Chromos signs letter of intent to acquire Targeted Molecules and secures bridge financing facility
Chromos Molecular Systems Inc. has entered into a Letter of Intent to 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 and acute thrombosis.
"We are excited about the acquisition of TMC and their lead monoclonal antibody product candidates, which address significant markets in chronic inflammation and acute thrombosis," said Alistair Duncan, who will lead the combined company as President and CEO. "Not only will the ACE System be used to manufacture these and other products, but revenues generated by our cell engineering business will support the clinical development of these antibodies. We anticipate entering the clinic with our first product candidate in late 2006."
Under the terms of the proposed acquisition, Chromos will issue approximately 20.1 million common shares as consideration to TMC shareholders. The transaction, anticipated to close in July 2005, is subject to the completion of satisfactory due diligence, execution of definitive agreements, a California fairness hearing, the approval of Chromos shareholders, the approval of TMC's shareholders, and other customary conditions such as regulatory approval.
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Topic world Antibodies
Antibodies are specialized molecules of our immune system that can specifically recognize and neutralize pathogens or foreign substances. Antibody research in biotech and pharma has recognized this natural defense potential and is working intensively to make it therapeutically useful. From monoclonal antibodies used against cancer or autoimmune diseases to antibody-drug conjugates that specifically transport drugs to disease cells - the possibilities are enormous
