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Isogenica completes acquisition of the principal assets of Karyon CTT |
Cambridge, UK, May 6th 2008: Isogenica Ltd. today announced that it
had acquired the principal assets of the Finnish biotechnology company, Karyon
CTT Ltd. (KCTT) as well as securing a Ł2 million cash investment.
Under the terms of the acquisition agreement, Isogenica will acquire the
intellectual property portfolio and the laboratory equipment of KCTT. At the
same time the Finnish company KC Holding Ltd. have, in exchange for a Ł2 million
cash investment, received an unspecified number of Isogenica’s ordinary shares.
Isogenica has developed a powerful in vitro display technology, CIS display,
which provides a novel and effective means of rapidly identifying polypeptides
that bind with high affinity and fine specificity to any given molecular target.
The technology can also be used for enhancing the in vivo performance of
therapeutic and diagnostic peptide products.
"We are delighted that the board and owners of KCTT concluded that Isogenica was
an attractive new home for KCTT’s principal assets. The cash investment along
with the laboratory equipment will significantly strengthen Isogenica’s
operations while the IP portfolio contains some compounds that, when further
optimized using CIS display could result in the creation of assets with
substantial value.” said Dr. Kevin FitzGerald, Isogenica's CEO. "We are further
pleased to welcome the owners of KC Holding Ltd. as new shareholders of
Isogenica and to welcome Dr Renny Leach on to our board of directors as the KC
Holding Ltd. representative.”
Dr Leach commented “KCTT were impressed by Isogenica’s platform technology and
client portfolio. Isogenica’s ability to enhance the KCTT portfolio is a very
exciting opportunity. The asset transfer was therefore a natural extension of
KCTT’s peptide development programme.”
- ENDS -
Notes to editors
About Isogenica - www.isogenica.com
Isogenica was formed in December 2000 to develop and commercialize innovative in
vitro molecular evolution technologies. The company has its research facility at
the Babraham Research Campus, Cambridge UK.
Isogenica's core technology, CIS display, can be applied to the discovery of new
antibody, peptide and polypeptide drug candidates, to the discovery of high
specificity diagnostic compounds and to the isolation of target validation and
other research reagents, purification and detection reagents.
Contact details:
Kevin FitzGerald, PhD MBA
Isogenica Ltd.
+44 (0) 1223 496720
kevin.fitzgerald@isogenica.com
Katja Stout/ Holly Griffiths/ Benjamyn Tan
College Hill
+44 (0) 20 7866 7856
holly.griffiths@collegehill.com
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