Laval, QC October 2, 2003 Drug development company LAB International says it has entered into a definitive agreement to purchase Seyvika Pharmaceuticals, a privately held biotechnology company located in Montreal.
It says the purchase is in consideration for approximately $3 million in LAB shares, with the initial 10% of the purchase price provided up front in shares priced at $1.55 and the remaining 90% contingent on development milestones.
LAB also today announced the appointment of Mr Yves Cornellier, the founder and principal vendor of Seyvika, to the position of senior vice president, business development, effective October 6th. Mr Cornellier’s principle mandate will be to lead business development activities for LAB Development, the company’s drug development division. Mr Cornellier will report directly to Dr Halvor Jaeger, CEO of LAB International.
Seyvika says it holds the rights to CGRP (Calcitonine Gene Related Peptide), a peptide therapeutic for the treatment of asthma. CGRP is in a new class of asthma therapeutics and in pre-clinical testing has shown two beneficial modes of action, similar to a bronchodilator and a corticosteriod, in relieving asthma symptoms. LAB will develop CGRP into an inhalation delivered product and conduct formulation and toxicology studies towards submitting CGRP for human clinical trials in 2005.