Stratus Media Group acquires Paloma Pharmaceuticals and VasculoMedics
Stratus Media Group (SMDI) has announced the acquisition, through merger, of two biotechnology companies, Paloma Pharmaceuticals, a developer of a non-steroidal, synthetic, small molecule drug library, and VasculoMedics, a platform epigenetic company that develops orally available small molecular inhibitors of zinc finger transcription factors.
Stratus, which will be renamed RestorGenex, plans to create a pharmaceutical company with an initial focus on dermatology, ocular diseases and women's health. The merger agreements were approved by the boards of directors of all companies and are expected to close following certain closing conditions.
David Sherris, Ph.D., Paloma founder and CEO, will join the RestorGenex board of directors and become chief scientific officer of RestorGenex and president of the Paloma and VasculoMedics divisions.