DNAPRINT GENOMICS INC (DNAG)
Form: SB-2/A
Filing Date: 12/8/2006
At the annual shareholder meeting in June 2006, Dr. Hector J. Gomez, the Chairman of our Board of Directors, announced that we will focus on leveraging our expertise in DNA technology into the development of particular test/drug combinations, called theranostics. Theranostics is defined as the clinically-targeted integration of diagnostics and therapeutics according to Current Drug discovery September 2002. We believe theranostics adds value to the clinical trial process, improves the real-time treatment of disease, and makes treatment more cost-effective.
By leveraging our proprietary technologies, we believe we are positioned to serve the growing compliance and operational needs of pharmaceutical companies and institutional researchers. We will continue to seek product and market relationships that expand and enhance our ability to apply our technology to existing medications or new medications, improving drug efficacy and reducing patient side effects by better understanding the genetic makeup of individuals. We believe the future of drug development and drug approval as outlined by recent FDA writings will force the industry to recognize smaller market opportunities with higher efficacy profiles and significantly reduced or diminished side effects.
A critical factor to the success of research and development of pharmacogenomics assays is the ability to do high through-put genotyping. To this end, we acquired certain assets from a Canadian company and formed our subsidiary Ellipsis. Ellipsis has a Beckman-Coulter SNPstream that is capable of using a new 48-plex system, which allows for greater capacity of SNP testing at less cost. We currently have a total of three SNPstream machines enabling us to offer testing services that can validate markers at high volumes, which is especially useful in the later stages of drug and diagnostics development during large clinical trials.
To fund the acquisition of the 18% equity interest in Biofrontera in 2005, we entered into two notes with Dutchess. On June 30, 2005, we issued to Dutchess a promissory note in the amount of $1,560,000 for a purchase price of $1,300,000. This note was paid in full by the end of January 2006.
On August 1, 2005, we issued to Dutchess a second promissory note in the amount of $840,000 for a purchase price of $700,000. This note was paid in full by the end of February 2006.
DNAPRINT GENOMICS INC (DNAG)
Form: 8-K
Filing Date: 3/5/2007
An installment of €500,000 (approximately $659,000) was paid simultaneously with the execution of the agreement. The remainder of the purchase price will be paid in seven monthly installments of €500,000 (approximately $659,000) each in the months of March through September, 2007, with a final installment of €443,240 (approximately $584,000) due on October 31, 2007.
DNAPRINT GENOMICS INC (DNAG)
Form: 10QSB
Filing Date: 11/13/2006
Notes payable at fair market value (net of discount of $670,516)
$5,713,612
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