AETERNA PURCHASES ECHELON BIOSCIENCES

Canadian biotech company AEterna Zentaris is entering the U.S. market with its acquisition of Echelon Biosciences, a privately held company based in Salt Lake City, Utah, for up to $5.6 million. On closing the deal, AEterna Zentaris said it paid $2.7-million by issuing 443,905 common shares of AEterna at $6.11 each. The rest will be payable upon reaching development and commercial milestones through the issuance of more AEterna Zentaris shares over a period of up to three years.

The Globe and Mail (http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20050107/RTICKER07-11/TPBusiness/Canadian)