PARADIGM THERAPEUTICS ACQUIRES AMEDIS PHARMACEUTICALS AND SECURES NEW FINANCING TO ACCELERATE DRUG DISCOVERY

Paradigm Therapeutics has completed the acquisition of Amedis Pharmaceuticals, a medicinal chemistry and drug discovery company. The transaction will create an enlarged company with a unique mix of proprietary biology and chemistry capabilities. At merger, the company will have cash reserves of GBP11m, approximately half of which is new investment secured from existing investors, Bio*1Capital, Merlin Biosciences and Avlar BioVentures, on the back of the deal.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=18622520&full=1)