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OrthoLogic Announces Agreement to Acquire Chrysalis BioTechnology, Inc.; Transaction Will Expand OrthoLogic Pipeline to Complement Orthopedic Product Platform.

Publication: Business Wire
Publication Date: 29-APR-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors/Health/Medical Writers

TEMPE, Ariz.--(BUSINESS WIRE)--April 29, 2004

OrthoLogic Corp. (Nasdaq:OLGC) announced today that it has signed a definitive agreement to acquire substantially all of the assets and intellectual property of privately held Chrysalis BioTechnology, Inc. (CBI), based in Galveston, Texas, for up to $34.5 million in cash and stock. The agreement covers exclusive rights to proprietary technology and intellectual property in developing synthetic peptide-based therapeutics for a variety of indications.

The transaction is subject to approval of the CBI stockholders, effectiveness of the registration statement to be filed by OrthoLogic with the Securities and Exchange Commission and other customary closing conditions. Closing is expected during the third quarter of 2004.

Under the terms of the agreement, OrthoLogic will pay CBI $2.5 million in cash and $25 million in OrthoLogic common stock at closing, and an additional $7.0 million in common stock upon the occurrence of certain future events. The number of shares to be issued at closing will be determined on the basis of the closing market price during the 10 trading days preceding consummation...

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