MIAMI--EPL Ventures here has entered into a $5 million option agreement to buy half of the outstanding shares of bioinformatics software company Savant Bio medical. Savant acquires and manages bioinformatics software, DNA sequencing database products and services, and cell and gene research technology and products.
The deal involves a private placement of 2.4 million units at a price of 25 cents each. A unit consists of one common share and a share purchase warrant entitling the holder to buy another share for $1 within one year of the date of acquisition of the units.
In addition, EPL announced that Nora Coccaro has joined the company's board of directors. It said she has a background in management and extensive contacts in the financial community that will be valuable to EPL's plans for growth.