BioPort Corporation Completes Purchase of Assets of Antex Biologics, Inc.

BIOWIRE2K
LANSING, Mich.--()--June 3, 2003--BioPort Corporation of Lansing, Michigan today announced the purchase of the assets of Antex Biologics, Inc., of Gaithersburg, Maryland.

"This acquisition fortifies BioPort's long-term strategic plan by providing an exciting new product pipeline," said Bob Kramer, president of BioPort. "Antex brings us both innovative products and talented, experienced scientific personnel."

Antex currently has 30 employees. Of these, 22 are engaged in research and development activities. Antex has focused its research and development efforts in the area of infectious disease. Particular attention has been given to bacterial vaccines and novel antibiotics.

BioPort Corporation has 307 employees at its Michigan facility. The company manufactures the world's only FDA-licensed vaccine to prevent anthrax. BioThrax(TM) is used by the U.S. Department of Defense to protect U.S. service members from weaponized anthrax. Civilian laboratory technicians and decontamination workers have also been immunized with BioThrax(TM) to protect from the disease.

On March 17, 2003 BioPort announced its intent to purchase the assets of Antex Biologics, Inc. and its wholly owned subsidiary AntexPharma. BioPort then entered into a non-binding letter of intent and loan agreement with Antex. Subsequently, on March 27, 2003, Antex filed for bankruptcy under Chapter 11.

The purchase of the Antex assets for $3.4 million was approved by the U.S. Bankruptcy Court for the District of Maryland.

Contacts

BioPort Corporation
Kim Brennen Root, 517/327-1543

Contacts

BioPort Corporation
Kim Brennen Root, 517/327-1543