NEXIA BIOTECHNOLOGIES SELLS PROTEXIA ASSETS TO U.S. FIRM FOR US$18 MILLION, SHARES

Nexia Biotechnologies has struck a deal to sell its lead product to a subsidiary of Maryland-based PharmAthene for cash and shares. Nexia will sell assets and operations related to Protexia to the privately held company for $18 million in cash, as well as preferred shares and warrants. The product provides treatment for victims of a chemical weapons attack. "Having examined available options, the board of directors has decided that shareholders will be best served through the sale of substantially all of Nexia's assets," William Garriock, Nexia's chairman, said in a news release.

StockHouse (http://www.stockhouse.ca/news/news.asp?tick=NXB&newsid=2593394)