The transaction is subject to certain closing conditions including, among others, the negotiation and completion of a merger agreement, acceptance and approval by the Toronto Stock Exchange (the "TSX"), the approval of Isotechnika's shareholders and Isotechnika securing a minimum of C$3 million in debt or equity financing satisfactory for it to fulfill its obligations as contemplated by the Term Sheet. The companies currently expect that a formal merger agreement will be negotiated and executed before March 15, 2013. The merged entity will adopt Aurinia Pharmaceuticals Inc. as its new corporate name.Leading the combined company as Chief Executive Officer will be Dr. Robert Foster, who is the current President & CEO of Isotechnika. Michael Martin, Aurinia's current CEO, will serve as the new company's President and Chief Business Officer. The new company's Chief Financial Officer will be Dennis Bourgeault, who is currently CFO of Isotechnika. Neil Solomons MD, will be the new company's Chief Medical Officer. Together, these executives bring with them a wealth of industry, operational and business transformation experience.
Isotechnika Merger With Aurinia To Create Leading Nephrology Company
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