Ecopia, Caprion combine; divest proteomics
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STORY UPDATE
MONTREAL—February 19, 2007—Ecopia BioSciences and Caprion Pharmaceuticals announced the completion of their merger, proposing that the new entity become Thallion Pharmaceuticals. Former Caprion President and CEO Lloyd Segal will take the position of Thallion CEO, while former Ecopia CEO Pierre Falardeau will become COO of the new company. The newly merged company also announced they had raised $45 million in a private placement.
MONTREAL—Ecopia BioSciences and Caprion Pharmaceuticals announced they will amalgamate to form a new company that will focus on oncology and infectious disease therapeutics. The move will create an integrated biotechnology company with "scale, critical mass, and diversified later stage clinical products," according to Caprion president and CEO Lloyd Segal, who will become CEO of the new company.
"This merger and financing will create a strong entity with a balanced product pipeline focused in infectious disease and cancer as well as a strong balance sheet to continue the development of our three clinical products," said Pierre Falardeau, Ecopia president and CEO, who will become COO of the merged enterprise.
The focus on drug discovery will also mean that Caprion will be seeking a buyer for its CellCarta proteomics business unit, with current shareholders entitled proceeds from the sale. The companies expect to sell the business unit within the next year.
