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Micrologix Biotech To Acquire MitoKor Of San Diego In Stock-Cash Deal 08:45 AM EDT Apr 16 VANCOUVER (CP) - Micrologix Biotech has made an estimated $6-million deal to acquire San Diego-based MitoKor Inc., a privately held firm focused on developing drugs for arthritis and other ailments, including Alzheimer's disease and Parkinson's. Micrologix said Thursday it will issue about 5.5 million common shares up front to acquire MitoKor, and allot four million preferred shares to cover future milestone payments worth up to $4 million US in stock and cash. On the Toronto stock market Thursday, Micrologix Biotech shares (TSX:MBI) rose three cents to $1.11. "Adding MitoKor's clinical and preclinical product candidates for neurological, metabolic and degenerative diseases broadens our therapeutic focus and increases our commercial opportunities," Micrologix CEO Jim DeMesa said in a release. He also said establishing a San Diego operation "gives us a presence in another leading North American biotechnology hub, which we expect can provide additional strategic advantages going forward." MitoKor owns or has exclusive licences to more than 30 U.S. patents and over 25 pending U.S. applications, as well as over 100 foreign counterparts and applications. Micrologix said its "burn rate" guidance of $9 million to $12 million will increase to between $10 million and $13 million annually for the combined company. so it has enough capital for about two years of operation. MitoKor will merge with MBI Acquisition Corp. an indirect subsidiary of Micrologix incorporated in Delaware. SOURCE: The Canadian Press / CBC News http://www.cbc.ca/cp/business/040415/b041568.html * * * ---------------------------------------------------------------------- To sign-off Parkinsn send a message to: mailto:[log in to unmask] In the body of the message put: signoff parkinsn