BioTime and LifeMap to acquire XenneX
BioTime, a biotech based in Alameda, Calif., and its wholly owned subsidiary LifeMap Sciences have signed a definitive agreement to acquire XenneX through a merger of XenneX into LifeMap Sciences. The acquisition is expected to close within thirty days.
Through the merger, LifeMap will acquire exclusive, worldwide licenses to market GeneCardsand PanDaTox. GeneCards, which was developed at the Weizmann Institute of Science in Israel,is a searchable, integrated database of human genes that provides concise genomic, transcriptomic, genetic, proteomic, functional and disease related information, on all known and predicted human genes. PanDaTox is a recently developed, searchable database that can be used to identify genes and intergenic regions that are unclonable in E. coli, to aid in the discovery of new antibiotics and biotechnologically beneficial functional genes, and to improve the efficiency of metabolic engineering.
Through the merger, XenneX stockholders will receive approximately 1,362,589 shares of LifeMap common stock, which will represent approximately 13% of the LifeMap common stock outstanding upon the closing of the transaction. XenneX shareholders will also receive approximately 448,430 BioTime common shares as part of the transaction.
Since 2003, XenneX has been generating revenue from customers worldwide including biotechnology, pharmaceutical and other life sciences companies, as well as organizations dealing with biotechnology intellectual property. GeneCards and PanDaTox are marketed by XenneX under a license from Yeda Research and Development.
Separately, LifeMap Sciences announced that it anticipates acquiring a license from Yeda to market the new MalaCards database of human diseases. Like GeneCards and PanDaTox, MalaCards has been developed by the Weizmann Institute and is expected to be launched at the end of 2012.