NEW YORK, April 1 - DNA Sciences said today that it has filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Northern District of California.
Genaissance Pharmaceuticals plans to acquire the company's assets for around $1.3 million in cash and stock pending bankruptcy court approval for a pre-negotiated asset purchase agreement. The companies expect this approval process to occur within 60 days.
The acquisition of DNA Sciences' technology "would further our goal of building a comprehensive business in drug response pharmacogenomics while maintaining our internal financial benchmarks," said Kevin Rakin, president and CEO of Genaissance. The company expects the acquisition to be cash-flow positive in 2004 and contribute to Genaissance's goal of reaching financial breakeven in 2005.
Further details are available here.