Agritek Signs Letter of Intent with Amarillo Biosciences and Sells Interest in Biovance Technologies.TORONTO--(BW HealthWire)--Nov. 6, 1998--Agritek has signed a letter of intent to acquire 70% of Vanguard Biosciences Inc. from Amarillo Biosciences Inc. (ABI Abi (ā`bī) [short for Abijah], in the Bible, King Hezekiah's mother. (Application Binary Interface) A specification for a specific hardware platform combined with the operating system. ) of Amarillo, Texas. Vanguard Biosciences, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ABI, holds the animal rights to ABI's patents for low dose interferon. ABI owns or licenses 16 patents relating to the oral delivery of interferon alpha Interferon alpha Potent immune-defense protein; used as an anti-cancer drug. Mentioned in: Waldenström's Macroglobulinemia . Interferon plays a critical role in immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. modulation. High dosage injectable interferon is currently used for the treatment of cancer, multiple sclerosis and hepatitis B in humans. ABI is an emerging biopharmaceutical company incorporated in 1984 and dedicated to the development of oral and topical applications of low dosage interferon for human and animal health applications. Low dosage interferon has the potential to be lower cost and have fewer side effects than high dosage injectable interferon. The agreement calls for Agritek to investigate low dose applications of interferon for the animal health market. The proposed agreement requires Agritek to complete development studies, make staged cash payments of up to US$2.0 million and obtain FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approvals. The transaction is subject to due diligence and appropriate regulatory approvals. Dr. Whitney Rounds, Agritek's COO, stated, "This is an exciting opportunity for Agritek as low dose oral administration of interferon alpha has been shown to be therapeutically beneficial in a variety of viral infections in livestock, poultry and companion animals." The capital required to develop this interferon technology for use in animal health will come from the proceeds of the sale of Agritek's 50% interest in Biovance Technologies of Omaha, Nebraska, for C$6.9 million. The sale, which generates a gain of approximately C$3.0 million, is consistent with Agritek's stated policy of divesting of assets that do not fit its long-term strategy. "This new opportunity and concurrent sale is the first step in Agritek's repositioning. Agritek's goal is to become a leader in the identification, sourcing and development of proprietary and differentiated animal health technologies for global commercialization," stated Jeffrey Friese, Agritek's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Friese added, "Agritek is actively seeking other animal health opportunities." Agritek trades on the Montreal Exchange under the symbol AGK AGK Astronomische Gesellschaft Katalog (Astronomical Society Catalog, Germany) AGK Access Gatekeeper and Amarillo Biosciences trades on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol AMAR. www.newswire.ca |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion