In its first application the company will be focusing on creating novel monoclonal antibodies (MAbs) against cancer markers (the ‘MAbs Technology’).
The acquisition was made pursuant to an asset purchase agreement signed in January 2008 with Indigoleaf Associates and Amnon Gonenne. The consideration given for the MAbs Technology was 25.64 million shares in the common stock of the company.
The company also announced that, in connection with the acquisition, Dr Gonenne has been appointed as a director and the president and CEO of the company. Dr Gonenne replaces Yapp Moi Lee who has resigned as a director and the president, CEO and CFO.
Other changes to the company’s management include the appointment of Elisha Orr as a director and the chief technology officer of the company. Dr Orr, the inventor of the MAbs Technology and a cancer researcher, replaces Pua Soo Siang. Additionally, Martin Bajic has been appointed as the CFO of the company.