PTSH news
EU Merger Update
EU Merger Update
Jun. 7, 2010 (PR Newswire) --
LAS VEGAS, June 7 /PRNewswire-FirstCall/ - PTS, Inc. (PTSH.OB) announced today that it is preparing a Letter of Intent (LOI) to merge with a European tissue engineering company. This is one of several entities PTSH plans to merge with in the coming months.
PTSH is unable to disclose the name and specifics about the company until a LOI is signed. However, PTSH can disclose that the company was founded in 1997, focuses in the areas of regeneration of joint cartilage, development of tissue engineered bone substitutes, isolation, cultivation and differentiation of multipotent stem cells from follicular fluid.
Marc Pintar, Interim President and CEO of PTSH comments, "We are extremely excited to be sharing today's news with you. We are moving quickly to execute a LOI and appreciate the investment community's understands of our limited disclosure at this time. When time permits we will be forthright with all details".
The company in question has two core competencies: (1) Cell Culturing (in vitro and cryopreservation); and (2) Molecular biology/biochemistry (quantitative PCR, test for metabolic activity of cells, DNA/calcium/glycosaminoglycan qualification). According to the company it has functional assays using mesenchymal stem cells from humans bone marrow and adipose tissue to quantify and qualitatively assess the effect of drug candidates. Furthermore, the company starts that in comparison to standardized cell lines, high biological variability of primary culture cells presents an advantage in the process of drug discovery and testing. Due to diverse response of the cells on the tested molecule, effectiveness of the compound can be evaluated earlier in the process thus, importantly reducing time and cost of drug development.
"PTSH believes that with our assistance this new merger could elevated the business and position itself to take advantage of various business opportunities", stated Mr. Pintar.
An 8-K along with a copy of the signed and executed LOI specifying all the terms and conditions of the transaction will be filed with the SEC shortly.
