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In Reorg, MDS Changes Name to Protana

NEW YORK, July 30 (GenomeWeb News) - MDS Proteomics has changed its name to Protana, and completed a financial reorganization announced June 1, the company said late Thursday.

 

The new company will provide protein identification and analysis, lead optimization, and biomarker discovery services to outside parties. The name change "reflects the fact that the reorganized company will have a much broader focus than proteomics based discovery research," the company said. "Protana will be working in areas that encompass genomics, proteomics, clinical settings as well as lab services, and will span drug discovery to late stage work."

 

The company's operations have been merged with those of OptiMol, an early-stage drug development company that was 50 percent owned by MDS Proteomics, and its existing funded debt has been converted to equity.

 

The company has also sold its accumulated tax losses to MDS for $CA5 million ($3.75 million) and entered into a five-year technology license agreement with a subsidiary of MDS in which it has agreed to produce minimum $CA10 million in revenues.

 

This reorganization plan has been executed following the Canadian Companies' Creditors Arrangement Act, and has been unanimously been approved by its creditors and sanctioned by the Ontario Superior Court of Justice, the company said.

 

The company will have $CA25 million cash on hand and committed cash following the completion of this reorganization, it said. It has also negotiated a $CA5 million lease financing arrangement that it said it expects to close shortly.

 

Protana also said it expects to have a cash burn rate of $CA2.5 to $3 million, and "is expected to have sufficient resources to achieve cash flow breakeven," the company said.

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