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news.Chromos Molecular Systems has entered into a letter of intent to acquire Targeted Molecules Corporation, a privately held San Diego based biotechnology company focused on the R&D of two antibody product candidates in multiple sclerosis and acute thrombosis.
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Under the terms of the proposed acquisition, Chromos will issue approximately 20.1 million common shares as consideration to Targeted Molecules Corporation (TMC) shareholders
During the acquisition process and the refocusing of the Chronos’ product development programs, existing shareholders of TMC and Chromos have provided a bridge financing facility to Chromos of up to $1.5 million. The proceeds of the facility will be used to fund operations of Chromos until the definitive agreement is finalized and the acquisition closes.
With the company’s near term therapeutic focus shifting to the development of the TMC monoclonal antibody products from the cell therapy arena, Dr Phillip Maples, vice president of clinical development and manufacturing, has resigned his position in order to pursue his interest in the development of cellular and gene therapies.
“We are excited about the acquisition of TMC and their lead monoclonal antibody product candidates, which address significant markets in chronic inflammation and acute thrombosis,” said Alistair Duncan, who will lead the combined company as president and CEO. “We anticipate entering the clinic with our first product candidate in late 2006.”
The transaction, anticipated to close in July 2005, is subject to various customary conditions.