NEW YORK (GenomeWeb News) – DNAPrint Genomics has inked an agreement to be acquired by Nanobac Pharmaceuticals, a maker of diagnostics and prescription nanobiotic medications, for an undisclosed sum, Tampa, Fla.-based Nanobac said today.
DNAPrint Genomics, which trades on the Over-the-Counter Bulletin Board, has a market capitalization of around $2.26 million, and in 2006 it had annual revenue of around $2.4 million while taking a loss of around $12.5 million. The proposed acquisition is subject to the approval of DNAPrint Genomics’ shareholders.
Nanobac said it expects the combined company would have annualized revenues of around $5 million.
DNAPrint markets DNAWitness, a genome analysis forensics suite used to determine heritage from crime-scene DNA, and a genealogy product. It also is developing both diagnostics tests and treatments, including tests for ovarian cancer, statin safety, complications related to diabetes, and an anemia drug that is an alternative to a therapy produced by Amgen.
Combining Nanobac’s NB2 diagnostic with DNAP’s Protectin test for vascular risk of diabetic patients could “play a significant role in the early diagnostics of vascular disease and could potentially help in identifying early signs and progression of cardiovascular disease,” said Nanobac Co-chairman and Chief Medical Officer Benedict Maniscalco.
Financial terms of the agreement were not released.