Biosystems International announces merger with MicroBioChips

Biosystems International (BSI), a biotechnology company specializing in the discovery of novel monoclonal antibody based diagnostics, announces its merger with the company MicroBioChips (MBC) by contribution of assets.

Advantages of the merger

Following a successful partnership to develop monoclonal antibody microarrays, in which BSI provided the antibodies and MBC produced and commercialized the microarrays, the two companies have decided to solidify their collaboration by merging their activities. By combining their collective expertise the resulting company will optimize the production and sales of microarrays and related services and accelerate the development of diagnostic tests by BSI. In addition, the merger will lead to significant commercial, administrative and financial synergies.

"The merger of BSI and MBC is not limited to synergies and cost savings. Our complimentary business cultures will profoundly change our way of doing business, reducing the time to market for our diagnostics including in the short-term our test for lung cancer which is in late development," said Jean Pierre Tirouflet, President of Biosystems International.

Conditions of the merger

The partial transfer of assets of MBC to BSI was approved in Shareholders meetings held by the two companies at the end of July, 2010. Preceding the transaction, the two companies realized a capital increase of 2 125 000 EUR ($2 750 000) for BSI and 225 000 EUR ($300 000) for MBC assuring the new merged company sufficient capital for future development.