The following is an announcement from DNAPrint genomics, Inc.:
SARASOTA, Fla., June 21 -- DNAPrint genomics, Inc.(OTC Bulletin Board: DNAP) today announced that it has acquired TraceGenetics, Inc., of San Francisco, Calif., a provider of products and servicesfor the genealogy, forensics, and molecular diagnostics markets. In the all-stock transaction, Trace shareholders exchanged all of the outstanding shares of Trace for 25,000,000 shares of DNAPrint common stock and options to purchase 5,000,000 additional shares at $0.02 share.
The acquisition enables DNAPrint to establish a base of operations in the San Francisco Bay biotech corridor and broadens our sales and marketingopportunities on the West Coast," stated President and Chief Executive Officer Richard Gabriel. "By centralizing our consumer genomics and law enforcementforensics production work at Trace's state-of-the art custom laboratory in San Francisco, we can concentrate on the acceleration of research and developmentat our Sarasota headquarters."
Trace ( http://www.tracegenetics.com ) brings two new complementarytechnologies to DNAPrint's autosomal testing for determining the percentage of a person's ancestry -- y-chromosome testing for tracing ancestry by followingthe paternal line and mitochondrial (mtDNA) x-chromosome testing for thematernal line. Trace also maintains a Native American DNA databank which,when combined with DNAPrint's, will be one of the largest in North America. Inaddition, Trace maintains expertise in ancient DNA analysis from mummified andfossilized remains. DNAPrint's proprietary human genome technology is focused on three areas: pharmacogenomics, forensics, and genealogy. All three arebased on core technology for targeting single nucleotide polymorphisms (SNPs),which enables the Company to provide novel predictive genetic tests at a significant cost advantage.
Mr. Gabriel noted that Trace's co-founders, Ripan S. Malhi, Ph.D., and Jason Eshelman, Ph.D., will join the staff of DNAPrint genomics. "We arepleased that these two talented scientists are becoming part of the DNAPrintfamily," Mr. Gabriel stated. "Their expertise will bring an invaluable asset to the Company at a time when we are entering a period of expansion andgrowth."
About DNAPrint genomics, Inc.
DNAPrint genomics, Inc. ( http://www.dnaprint.com ) is a developer of genomics-based products and services focused on drug development,pharmacogenomic diagnostic tests, forensics technology and consumer genetictests. The Company's first theranostic product (drug/test combination) is PT-401, a "Super EPO" (erythropoietin) dimer protein drug for treatment of anemiain renal dialysis patients (end stage renal disease). Currently in pre-clinical development, PT-401 will be targeted to patients with a geneticprofile indicating their propensity to have the best clinical response.