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news.Abviva, previously Genesis Bioventures, has signed a letter of intent to acquire all Prion Developmental Laboratories stock owned by Efoora, Prion's current majority owner.
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The acquisition is subject to Abviva’s due diligence, final approval by Abviva’s board of directors and entry of an order approving the sale by the court.
Genesis Bioventures originally announced on July 25, 2006 that it had signed a letter of intent with Prion Developmental Laboratories (PDL). At the time the letter of intent was signed the company was a minority shareholder of PDL. After that, the Securities and Exchange Commission (SEC) contacted the company and informed it that the court had issued a freeze order on certain assets of Efoora, in conjunction with the SEC’s actions against Efoora. The freeze order also extended to some of the assets of PDL.
Douglas Lane, Abviva president and CEO, said: “We are very pleased that the receiver has agreed to allow us to continue with the acquisition of PDL under the terms and conditions we agreed to in the letter of intent. During the last seventeen months since we learned of the asset freeze of PDL and Efoora we have worked diligently to preserve PDL and its BSE (mad cow disease) rapid assay product opportunity. Though we were a minority shareholder it was obvious to us that if we did not take the senior support and management responsibility for PDL the company and our substantial investments in the company and the products would be lost.”