Epigenomics AG, ORCA Biosciences complete merger
ORCA to become Epigenomics Inc.
Earlier this week, Epigenomics AG (Berlin), a biotechnology company focused on DNA methylation, announced that it has completed its merger with ORCA Biosciences Inc. (Seattle), an early stage company developing screening tests for detecting cancer based on DNA methylation. The transaction has been approved by both companies' boards of directors and is expected to close early 2001. Financial terms of the deal were disclosed.
As a result of the merger, ORCA Biosciences will become Epigenomics Inc., a wholly owned subsidiary of Epigenomics AG. Gary Schweikhardt will serve as CEO and Robert W. Day as chief medical officer of the new company, both reporting to Alexander Olek, Epigenomics AG's president and CEO.
"As the only other company in the world with a focus on DNA methylation, this transaction with ORCA will lead to the creation of a pre-eminent force in this very exciting market for years to come," Olek stated in a company release. "Through this merger we are able to consolidate our leading industry position, establish US operations and accelerate towards providing an operating system for tomorrow's personalized medicines."
The two companies bring different, yet complementary, strengths to the table. Epigenomics' lies in the areas of bioinformatics, neural network learning techniques, data mining, proprietary technologies for high-throughput methylation target discovery and therapeutic applications. ORCA's focus is in the area of sequence/gene identification technologies, sensitive detection methods, and therapeutic development focused on cancer. Epigenomics will automate and integrate these technology platforms for use in clinical settings, and for speeding the discovery of novel targets for therapeutic applications.
ORCA also brings collaborations with academic institutions in the United States, including the Fred Hutchinson Cancer Research Center, USC/Norris Comprehensive Cancer Center, Johns Hopkins University, and the University of Missouri School of Medicine.
For more information, contact Alexander Olek, CEO of Epigenomics, at +49-30-24345-0, or Gary Schweikhardt, CEO of ORCA Biosciences, at 206-336-5570
Edited by Jim Pomager
Assistant Editor, Bioresearch Online
Source: Epigenomics AG