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Power3 Medical Products Acquires ProteEx for $15M

May 24, 2004

NEW YORK, May 24 (GenomeWeb News) - Power3 Medical Products has acquired proteomics start-up ProteEx for $15 million, the company said last week.

 

Power3, a holding company , purchased ProteEx, based in The Woodlands, Texas, for 15 million shares of its common stock, worth approximately $15 million. Following the acquisition, Power3, which had $12,000 in revenues during the first quarter of 2004, mainly from selling a surgical safety device, will move its offices to ProteEx's site.

 

ProteEx, previously known as Advanced Bio/Chem, has been developing biomarkers for breast cancer in collaboration with the MD Anderson Cancer Center.

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