Alliance Pharmaceutical Corp. announces acquisition of MDV Technologies Inc.SAN DIEGO--(BUSINESS WIRE)--Oct. 7, 1996--Alliance Pharmaceutical Corp. (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 :ALLP ALLP Aldo Leopold Leadership Program ) Monday announced that it has agreed in principle for the merger of privately held MDV MDV mucosal disease virus. Technologies Inc. with a newly formed subsidiary of Alliance. MDV is engaged in the development of a thermo-reversible gel (FloGel) intended for use as an anti-adhesion treatment for persons undergoing abdominal or pelvic surgeries. FloGel is applied in a cold, liquid form and becomes a gel at body temperature. MDV has obtained preliminary human safety data with the product's current formulation and has performed preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. on additional formulations. The closing of the transaction is subject to certain shareholder and regulatory approvals, which are expected to be obtained within 60 days. Under the terms of the agreement, Alliance would pay the MDV shareholders $15.5 million in installments over a one-year period, commencing on the closing date. In addition, Alliance would agree to pay up to $20 million upon the achievement of advanced clinical development or licensing milestones. The MDV shareholders would receive royalties on the sale of products utilizing the MDV technology. All payments by Alliance may be made in cash or stock, at Alliance's discretion. According to Duane J. Roth, chairman, president and chief executive officer of Alliance: ``The MDV technology fits quite well with Alliance's expertise in surfactant Surfactant Definition Surfactant is a complex naturally occurring substance made of six lipids (fats) and four proteins that is produced in the lungs. It can also be manufactured synthetically. chemistry. In addition to the anti-adhesion product, MDV has patents covering the use of the gels for drug delivery and ophthalmic indications. Alliance has been working on the use of perfluorochemical compounds for drug delivery, and these gels should complement the effort. ``This acquisition exemplifies our strategy to obtain rights to products that are beyond the research stage and bring them into our company for further development. Our intent will be to ultimately seek partners to deliver the products to the marketplace, similar to what we have done with some of our other products.'' MDV Technologies currently has headquarters in Dearborn, Mich. Major shareholders of MDV include Hillman Hillman was a famous British automobile marque, manufactured by the Rootes Group. It was based in Ryton-on-Dunsmore, near Coventry, England, from 1907 to 1976. Before 1907 the company had built bicycles. Medical Ventures and affiliated entities. Alliance is a pharmaceutical research and development company with three products currently in clinical studies: Oxygent, an intravascular intravascular /in·tra·vas·cu·lar/ (in?trah-vas´ku-lar) within a vessel. in·tra·vas·cu·lar adj. Within one or more blood vessels. oxygen carrier for use as a temporary ``blood substitute,'' which is being co-developed with affiliates of Johnson & Johnson; LiquiVent, an intrapulmonary ``liquid ventilation'' drug for use in treating patients with acute respiratory failure Respiratory Failure Definition Respiratory failure is nearly any condition that affects breathing function or the lungs themselves and can result in failure of the lungs to function properly. , which is being co-developed with Hoechst Marion Roussel; and Imagent US, an intravenous contrast agent for enhancement of ultrasound images. CONTACT: Alliance Pharmaceutical Corp., San Diego Gwen Rosenberg, 619/558-4300 |
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