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Upstream to acquire Pacific Pharma
VANCOUVER, B.C.—Upstream Biosciences Inc., an emerging company in the field of genetic diagnostics for cancer and the prediction of drug response, has signed an option agreement to acquire Pacific Pharma Technologies Inc. The agreement gives Upstream a three-month exclusive option period to conduct due diligence and negotiate the terms of the acquisition.
Pacific Pharma Technologies is a Vancouver, British Columbia-based early-stage biopharmaceutical company that uses in silico techniques and traditional laboratory investigation to discover drugs that target high-profile parasitic diseases. Pacific Pharma has proprietary technologies relating to certain widespread infectious diseases and has ongoing research to broaden the application of its proprietary technologies into cancer treatment.
Pacific Pharma retained the University of British Columbia to conduct laboratory contract services tests on its lead compounds. Initial results indicate efficacy of Pacific Pharma's lead compounds for Leishmania donovani (visceral form of leishmaniasis) and Trypanosomiasis (African Sleeping Sickness). These parasites are from a family of protozoa species that include Malaria and Chagas Disease.
"The Pacific Pharma acquisition would greatly expand our growing intellectual property portfolio," says CEO Joel Bellenson. "An effective, safe, and inexpensive treatment is essential to combat these deadly parasites."
Upstream is developing diagnostic tests that may aid in the early detection of cancer by identifying individuals with disease susceptibility. Upstream is also developing diagnostic tests that may determine whether a drug will be useful or harmful to an individual patient based on their genetic profile.