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SignalGene to Acquire GeneScape Along with $3.7 M Private Placement

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ONTREAL--SignalGene here has agreed to acquire GeneScape, a company with drug target identification and validation technologies, in a stock transaction valued at $12.7 million. The agreement includes a private placement totaling $2.7 million by two of GeneScape’s current shareholders, the Business Development Bank of Canada and Royal Bank Venture. An additional $1 million will be invested directly into SignalGene by Societe Innovatech du Grand Montreal when the acquisition closes, expected by March 20.

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