NEW YORK, Sept. 9, 2014 /PRNewswire/ -- Kinex
Pharmaceuticals Inc. today announced that it has completed the
acquisition of QuaDPharma, LLC., a Western New York based privately-held company
specializing in pharmaceutical manufacturing, analytical and
support services to the pharmaceutical and biotech industries.
Financial terms of the transaction were not disclosed.
"Over the past two years, Kinex has substantially increased its
global presence and we see numerous value creating opportunities in
the specialty pharmaceutical industry between some of the largest
and fastest growing markets in the world," said Dr. Johnson Lau, Kinex Board Chairman and CEO. "The
QuaDPharma platform enables us to execute against those growth
opportunities requiring a cGMP capability."
Flint Besecker, Kinex Chief Business Officer and Board Director
commented, "The entire QuaDPharma leadership team has demonstrated
a passion for pharmaceutical manufacturing quality and customer
satisfaction. I am looking forward to working closely with Dr.
Stephen Panaro and the QuaD team to
carry out the global growth opportunities including expanding their
existing relationships with their current customers."
QuaDPharma President, Stephen
Panaro, Ph.D. stated, "We are very excited to join the Kinex
family. They possess a very experienced and established
international leadership team, five proprietary clinical oncology
drug candidates under development across multiple continents, and a
global network of investors and pharmaceutical partners. We look
forward to the opportunities that this global reach will create for
QuaD and its employees."
QuaDPharma had previously been funded by Rand Capital (NASDAQ:
RAND), Advantage Capital Partners and local angel investors. "We
enjoyed supporting the team at QuaDPharma as they grew and helped
satisfy the needs of their customers including many on the Buffalo
Medical Campus. Kinex was one of their first customers and as part
of this transaction Rand is now a shareholder in Kinex. We look
forward to celebrating the successes of Kinex Pharmaceuticals
through our ownership in Kinex," said Allen
Grum, CEO of Rand Capital.
About Kinex
Kinex is a global specialty oncology pharmaceutical company
focused on improving cancer patient's lives by developing both
proprietary and innovative drugs along with enabling technologies
that allow patients to seek better cancer treatment options than
historically available in their current environment. Kinex has
offices in Buffalo NY,
Cranford NJ, Taipei Taiwan and Hong Kong.
Learn more at www.kinexpharma.com
SOURCE Kinex Pharmaceuticals