Isolagen Acquires Majority Interest in Agera Laboratories, Inc.
August 17 2006 - 6:15PM
PR Newswire (US)
EXTON, Pa., Aug. 17 /PRNewswire-FirstCall/ -- Isolagen, Inc.
(AMEX:ILE) announced today that it has acquired a 57% interest in
Agera Laboratories, Inc., for $2,655,000 in cash plus an earn-out
provision. Agera is a private skincare company that has proprietary
rights to a scientifically-based advanced line of skincare
products. Isolagen also obtained a six month option to increase its
stake in Agera to 65% for an additional $480,000 in cash. "I
believe this investment is an excellent first step in broadening
our position in the skincare market. Agera represents a unique
opportunity for us to enter this segment of the market and is an
excellent fit for Isolagen from a variety of perspectives. Agera
has a comprehensive range of technologically advanced skincare
products that can be packaged to offer anti-ageing, anti-
pigmentary and acne treatment systems. Agera's scientific approach
to skincare health complements our autologous cell therapy process
in the area of skin rejuvenation," said Mr. Nicholas Teti, Chairman
and CEO of Isolagen. "Agera operates at a cash flow breakeven point
but has been constrained by limited working capital and
distribution capabilities. As part of the structure of the
acquisition we required that the seller add an additional $500,000
and we agreed to contribute $300,000 to the working capital of
Agera to support marketing and inventory acquisition. These and
other resources are earmarked for investment into this market
segment," added Mr. Teti. Many of Agera's products utilize
innovative proprietary peptide technology developed by Dr. Donald
Owen, the controlling shareholder, President and Chief Science
Officer of Biosyn, Inc. and Therapeutic Peptides Incorporated of
New Orleans, Louisiana. Dr. Owen has extensive research and
development experience in several key technology platforms
including peptides, fibroblasts and dermal delivery systems. Dr.
Owen will continue to own an interest in Agera after the
transaction through Biosyn. The acquisition of Agera also gives
Isolagen the potential to establish key strategic relationships
with the other shareholders in Agera including Rohto
Pharmaceutical, a very well respected Japanese based healthcare
enterprise with an established skincare business. Rohto
Pharmaceutical currently holds a 25% interest in Agera. ABOUT
ISOLAGEN, INC. Isolagen specializes in the development and
commercialization of autologous cellular therapies for soft and
hard tissue regeneration. The company's product candidates are
based on its proprietary Isolagen Process. Based on the accumulated
experience of the company through its retrospective study, clinical
trials and treatment of patients in the United Kingdom, the company
believes that the Isolagen Process utilizes the patient's own cells
to create safe and effective therapies to treat the underlying
cause of the patient's condition. Autologous cellular therapy is
the process whereby a patient's own cells are extracted, allowed to
multiply and then injected into the patient. Isolagen's product
candidates are designed to be minimally invasive and non-surgical.
For additional information, please visit: http://www.isolagen.com/
. DATASOURCE: Isolagen, Inc. CONTACT: investors, Lee M. Stern of
The Trout Group, +1-212-477-9007, or ; or media, Mike Beyer of Sam
Brown Inc., +1-773-463-4211, or , both for Isolagen, Inc. Web site:
http://www.isolagen.com/
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