Wednesday, January 26, 2005
Genetronics Acquires Gene Therapy Firm
San Diego-based Genetronics, a developer of oncology and other therapies, announced that it is acquiring Oslo-based Inovio AS, a company developing gene delivery technology. Inovio's electroporation gene therapy and DNA vaccine use will be combined with Genetronics own electroporation therapy program. The deal is worth $3M in cash and $7M in stock, with possible earn out based on revenue milestones. Iacob Mathiesen of Inovio will serve as Executive Director Gene Delivery of Genetronics. Both companies focus on creating techniques to deliver DNA-based gene therapy.