NEW YORK, Jan. 6 - Structural Bioinformatics and GeneFormatics today announced plans to merge.
The resulting proteomics-based drug-discovery company, which will be based in San Diego, will be run by three SBI executives and one GeneFormatics official. Notably absent from the new management lineup is John Chiplin, president and CEO of GeneFormatics.
SBI CEO Edward Maggio, President and COO David Muth, and VP and CSO Kal Ramnarayan will retain their titles in the new firm, while GeneFormatics CFO John Schmid will hold on to his title and also be named secretary.
No further details were announced, and officials from SBI or GeneFormatics were unavailable for comment.
In a statement, Maggio said the merged company "will have a broader product offering to increase revenues; expanded drug discovery capabilities with a deeper pipeline, including pre-clinical programs in diabetes, anti-infectives, oncology, and inflammation; and adequate capital resources to execute its business plan beyond 2005."