Aida Pharmaceuticals to acquire gene-therapy company

By Elaine Rigoli

Tampa, Fla., April 19 - Aida Pharmaceuticals, Inc. has agreed to purchase the remaining outstanding shares of Shanghai Qiaer Bio-Technology Co., Ltd. that the company does not already own from Zhejiang Pharmaceutical Co., Ltd.

Under the agreement, Aida Pharmaceuticals will purchase an additional 45% of the outstanding shares of Shanghai Qiaer Bio-Technology for $495,650, according to a news release.

Aida previously paid $561,324 as a deposit to purchase 55% of the outstanding shares; upon completion of this transaction, it is anticipated that Shanghai Qiaer Bio-Technology will become a wholly owned subsidiary of Aida, subject to future capital structure changes at Aida Pharmaceuticals, the release said.

The company said it anticipates closing the transaction at the end of June 2006.

Shanghai Qiaer Bio-Technology is a pharmaceutical company whose key product is rh-Apo21, a gene-therapy drug used to treat certain forms of cancer. Rh-Apo21 is nearing the end of phase 1 clinical trials, which are expected to be completed at the end of April.

Shanghai Qiaer Bio-Technology has applied for three patents from the Chinese government. One patent has been granted and the other two are in process, the release said.

Based in Hangzhou, China, Aida Pharmaceuticals is a product-focused pharmaceuticals company engaged in the development of pharmaceutical and genetic products in mainland China.

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