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DNAPrint(TM) genomics, Inc. Agrees to Acquire Majority Ownership in German Pharmaceutical Company Biofrontera AG; Secures $35 Million Equity Commitment from Dutchess Private Equities Fund, L.P.

Publication: PR Newswire
Publication Date: 28-SEP-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
DNAPrint(TM) genomics, Inc. (BULLETIN BOARD: DNAP) today announced that it has agreed to acquire a 51.77% stake in German pharmaceutical company Biofrontera AG. DNAPrint simultaneously announced that it has received a commitment from Dutchess Private Equities Fund, L.P. to purchase up to $35 million in DNAPrint common stock over the next two years.

DNAPrint has agreed to invest 20 million euro (approximately $25.00 million) over 24 months in Biofrontera Series B preferred shares (68% of B shares) representing a 51.77% equity interest. Biofrontera will use the proceeds of the investment to advance its clinical and preclinical drug pipeline. DNAPrint is only obligated to close the transaction and to begin paying the purchase price for the Biofrontera shares after it begins making sales of common stock under its arrangement with Dutchess.

DNAPrint will participate in a clinical pipeline of novel drugs, as well as an extensive pre-clinical compound portfolio and a broad technology base. This strategic investment will form the basis of future joint ventures between the two companies, expanding DNAPrint's presence in Europe and giving Biofrontera a presence in North America. DNAPrint and Biofrontera have signed a joint venture framework agreement designed to integrate the companies' technologies in a mutually beneficial way.

The acquisition will transform DNAPrint from a population genomics company into a genomics...

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