NEW YORK (GenomeWeb News) – Upstream Biosciences yesterday said it has signed an option to buy Pacific Pharma Technologies, a company focused on drug development for parasitic diseases.
Upstream Biosciences, which develops genetic diagnostics for cancer and for predicting drug responses, said the agreement gives it an exclusive 3-month option to negotiate terms of the acquisition.
Pacific Pharma owns technologies “relating to certain widespread infectious diseases,” and is researching the potential of expanding the application of its IP for cancer treatment, Upstream said.
Both companies are located in Vancouver, BC.
Pacific Pharma has ongoing projects through the University of British Columbia related to its parasite studies of Leishmaniasis and for Trypanosomiasis. These protozoan species are related to pathogens that cause malaria and Chagas disease.
Upstream Biosciences said it is currently developing diagnostic biomarkers for cancers of the liver, prostate, ovaries, and thyroid.
In recent weeks, Upstream Biosciences said it has secured CA$2 million ($1.72 million) in equity financing and eliminated CA$800,000 in debt, according to the company's web site.