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Benitec Acquires Avocel, Turns it into US Subsidiary

NEW YORK, May 17 (GenomeWeb News) - RNAi therapeutics company Benitec has acquired startup Avocel and will make it its US subsidiary, the Queensland, Australia-based company said today.

 

Under the agreement, Benitec will issue 7.6 million shares to Avocel, representing approximately 9 percent of its enlarged share capital.

 

Avocel, founded last year and based in Sunnyvale, Calif., has been developing RNAi therapeutics for viral diseases, focusing on Heptatitis C virus.

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