Xtrana and Alpha Innotech sign reverse merger agreement.Broomfield, CO and San Leandro San Leandro (săn lēăn`drō), city (1990 pop. 68,223), Alameda co., W Calif., on San Francisco Bay; inc. 1872. Metal, wood, and paper products; chemicals; leather goods; foods and beverages; medical equipment; lighting fixtures; and , CA 12/14/04 -- DNA DNA: see nucleic acid.
or deoxyribonucleic acid
One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. assay company Xtrana and imaging and array company Alpha Innotech announced that they have entered into a merger agreement. Under the terms of the reverse merger transaction, Alpha Innotech stockholders will receive Xtrana common stock and will own approximately 83% of the new company and Xtrana will own the remaining 17%. Xtrana will also loan Alpha Innotech $500,000. "As a public company, we believe Alpha Innotech Corporation will be able to access new resources to take the company to the next level of growth," said Alpha Innotech 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. Haseeb Chaudhry. Mr. Chaudhry will be CEO of the merged company which will be named Alpha Innotech. The board of directors will be comprised of two current Xtrana board members and four Alpha Innotech board members. The transaction is expected to close in the first half of 2005. Following the sale of its intellectual property to Applied Biosystems Applied Biosystems, Inc. (formerly NASDAQ: ABIO) is the original name of a pioneer biotechnology company founded in 1981 in Foster City, California, among the Silicon Valley cities of the southern San Francisco Bay Area. earlier this year (see IBO Ibo: see Igbo. 2/29/04), Xtrana's sales decreased 90% in the first nine months of this year to $102,000.
After selling its intellectual property, Xtrana had been looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a suitable merger partner to keep from liquidating its assets. In September, the company broke off talks with Aduromed. Founded in 1992, Alpha Innotech became profitable in 1993, according to company's website. Its product lines include the FluorChem and AlphaImager brands. By becoming a public company, Alpha Innotech could to be able to raise new funding in order to expand its business.