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Proteomics International Investing in CPR Pharma Services

NEW YORK (GenomeWeb) – Proteomics International said today it has entered a strategic alliance with CPR Pharma Services focused on clinical trials and related research.

Under the terms of the deal, Proteomics International will acquire 10 percent of CPR's share capital in exchange for 4 million of its shares. This transaction is subject to CPR shareholder approval and is scheduled to take place on March 5, 2018.

Proteomics International will use its mass spectrometry-based Promarker discovery platform to develop diagnostics, including companion diagnostics, and offer analytical services complementing CPR's clinical services and laboratory testing capabilities, the company said.

"This alliance with CPR Pharma Services presents a fantastic opportunity to expand our diagnostics portfolio and increase revenues substantially, Proteomics International Managing Director Richard Lipscombe said in a statement. "We see this alliance as adding significant new value to our already successful Promarker technology."

The parties may also by mutual agreement undertake another share swap of the amount and at the same valuation.