The letter of intent was signed some time ago---June I think. We know that there was a lot of talk that went on before that letter was signed. I just wonder how long? LOL
The company, which currently seeks to match medicines already on the market to a person's genetic makeup, has hired a new president and chief executive officer to lead its new focus.
Richard Gabriel replaces Tony Frudakis, who founded the research and development company and is keeping his roles as board member and chief science officer.
DNAPrint's board of directors recently approved the switch, which has been months in the works.
The new medicines that the company hopes to acquire will be sold alongside compatibility tests that will predict individual results, based on a person's genetic data.
"We're sort of shifting our focus to not just genetic tests but pharmaceutical products that will be coupled with genetic tests," Frudakis said. "It's sort of a new breed in the pharmaceutical industry."
Of course, months in the works, going back from April 10, 2003 puts us right back to the time of the announcement of the ADMIXMAP Platform, the introduction of the technology at the IBM Life Sciences Conference, and the request for the increased share authorization to 1.5 billion shares.
Personally, I think it's been in the works for that long, but that there was a lot of organizational work that needed to be done at DNAPrint before this type of agreement could be possible.
I will admit I was starting to have my doubts about Richard and Monica. But I am very impressed with the latest moves, and if they are able to complete this deal, we will be sitting VERY nice, IMHO.
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