Paladin Labs Inc, a leading Canadian specialty pharmaceutical company, has sold its T-ACTTM technology platform to IMBiotechnologies Ltd, a private biotechnology company based in Edmonton, Canada.
"The turmoil in the financial markets has presented incredible opportunities to purchase innovative research at attractive prices as evidenced by our acquisition of ViRexx Medical Corp in December of 2008. The sale of the T-ACTTM technology platform to IMBio for a cash payment and future royalties allows us to quickly realize value on this promising technology, and places the technology with those best positioned to succeed," commented Joe Walewicz, vice president Special Projects for Paladin Labs Inc.
Paladin continues to develop ViRexx's proprietary Chimigen Platform for Hepatitis B, Hepatitis C and other indications. In addition, Paladin is in active discussions for the license or sale of ViRexx's AIT technology platform.
Paladin Labs is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market.
IMBio is a privately held Canadian biotechnology company whose focus is commercializing medical device products in the area of embolotherapy.