Published on December 21, 2013 at 3:13 AM
"Through the integration of Medistem's ERC cell platform into our existent broad technology portfolio we plan to develop two powerful classes of clinical products," said Dr. Reed. "This includes engineering stem cells for therapeutic delivery of secreted proteins, or for producing exosomes, which can be used to deliver several types of therapeutically relevant molecules, including miRNAs and proteins. We look forward to working with Medistem's scientific leaders to merge these capabilities."
"We are delighted at the prospect of joining Intrexon to further the advancement of our ERCs. We believe our technology in combination with Intrexon's platform will allow ERCs to provide therapeutic benefits to disease conditions that, as of today, have been left unmet," said Alan J. Lewis, Chief Executive Officer of Medistem. "We look forward to working with Intrexon and advancing ERCs to the next level."
Pursuant to the definitive agreement, Medistem stockholders will receive in exchange for each share of Medistem common stock $0.27 in cash and $1.08 worth of Intrexon common stock, based on the 20-day volume-weighted average price of Intrexon's common stock immediately prior to closing. Consummation of the agreement pursuant to which Intrexon agreed to acquire Medistem is subject to Intrexon's satisfactory completion of its due diligence of Medistem and its technology, customary closing conditions and Medistem stockholder approval.
SOURCE Intrexon Corporation