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Thursday, May 26, 2005

Life Sciences Services CeeTox Acquired By Research Lab

KALAMAZOO – North American Science Associates, a contract research company based in Northwood, Ohio, has agreed to acquire CeeTox, a scientific and medical services company incubated at the Southwest Michigan Innovation Center. No dollar figures were announced.

But under the terms of the purchase agreement, NAMSA has already acquired 51 percent of the outstanding shares and will acquire the remaining shares as certain undisclosed milestones are met.

CeeTox, founded in 2003, and is one of more than two dozen life sciences companies that were formed with scientific talent from Pfizer, when the company announced that it would be moving the bulk of its research and development out of Kalamazoo after the purchase of Kalamazoo’s major employer, Pharmacia. When CeeTox was launched, the company received support from Southwest Michigan First, Western Michigan University and its Bioscience Research Commercialization Center (BRCC), the Michigan Economic Development Corporation (MEDC), and local investors.

NAMSA plans to maintain the CeeTox laboratories in the Southwest Michigan Innovation Center, a 58,000 square foot incubator/accelerator for life sciences start up companies, established through a community private and public partnership.

"CeeTox has unique solutions for clients as well as a talented staff,’’ said Jeff Blair, President and CEO of NAMSA. “We are excited about the benefits that our mutual customers will receive from this complimentary testing regimen. We anticipate a long and rewarding relationship."

NAMSA’s principal focus has been safety and efficacy testing for medical device companies, with a small percentage of the business coming from the pharmaceutical industry. With the acquisition of CeeTox, NAMSA can expand that share of its business focus by leveraging the synergies CeeTox brings to the company, Blair said.

"NAMSA and CeeTox share the same philosophy regarding our clients," Blair said. We believe in saving time to market, reducing client costs and providing the best scientific analysis of data available in the industry."

Jim McKim, CeeTox Founding President and CEO said he was pleased with how well CeeTox and NAMSA compliment each other.

"The acquisition by NAMSA provides CeeTox with the tools it needs for future growth,’’ he said. “Our products and services represent a new line of business for NAMSA. I am certain we will leverage our new owner relationship and be very successful within their corporate structure."

Founded in 1967, NAMSA is headquartered in the Toledo, Ohio and employs more than 300 associates. In addition to CeeTox, it has laboratories in Georgia, California and France as well as sales offices, distributors and sales agents around the globe.


Author: Staff Writer
Source: Mitechnews.Com


 
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