Biosynexus Incorporated Acquired by QVT Fund LP; Irwin Scher Named CEO of Biosynexus Incorporated.GAITHERSBURG, Md. & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Biosynexus Incorporated, a biotechnology-pharmaceutical company that is commercializing a portfolio of products for the prevention and treatment of infectious diseases, announced today that Biosynexus became 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 QVT QVT Query/View/Transform (software development) QVT Queries Views Transformations Fund LP, as of May 26th, 2005. Biosynexus also announced that Dr. Irwin Scher has been appointed Chief Executive Officer. Prior to joining Biosynexus, Dr. Scher served as a consultant to the 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. of Merck KGaA and as Vice President, Global Clinical Research & Development at Merck KGaA. Prior to this, he held the roles of Senior Vice President, Drug Development and Medical Affairs at Astra-Zeneca, and of Vice President Drug Development at Merck & Company Inc. Dr. Scher is a veteran of academic medicine, having spent fourteen years at the National Naval Medical Center The National Naval Medical Center in Bethesda, Maryland, also known as the Bethesda Naval Hospital, is considered the flagship of the United States Navy's system of medical centers. , the Naval Medical Research Institute and the Uniformed Services University as the director of Rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. . "Today's antibiotics are losing their effectiveness against severe, life-threatening staphyloccocal infections, and there is a growing need for a new class of products to address the growing incidence of antibiotic resistant infections," commented Dr. Scher. "It is very exciting to be joining a company with such tremendous potential, and to be coming on board with QVT Fund LP as our parent company. This will provide us with the additional capital for completing our clinical trials and for further investment in, and expansion of, our current pipeline." About Biosynexus: Biosynexus is a biotechnology-pharmaceutical company that is commercializing a portfolio of products for the prevention and treatment of infectious diseases. The company is focusing its initial efforts on developing products for the prevention of staphylococcal infections and for the treatment of multi-drug resistant staphylococcal infections, the leading cause of infection in hospitals and other medical care facilities. Biosynexus currently has two lead products that have undergone extensive pre-clinical research and testing and entered into human clinical trials. Biosynexus has a strategic collaboration with GSK GSK GlaxoSmithKline plc (pharmaceutical company) GSK Glycogen Synthase Kinase GSK Gruppentraining Sozialer Kompetenzen (Germany) GSK Greenland Shark (FAO fish species code) Biologicals, a division of GlaxoSmithKline, for the development of one of those products, BSYX-A110. |
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