NEW YORK, Oct. 4 /PRNewswire-FirstCall/ -- Acorn Acquisition Corp. (OTC Bulletin Board: ACAQ), a shell company, today announced that it has reached a definitive agreement to acquire Lumen Medical Inc., the owner of 51% of PulmoScience Inc., a development stage biotechnology company that is developing a non-invasive Molecular Imaging technique for the diagnosis of Pulmonary Embolism, Pulmonary Hypertension and Lung Inflammatory diseases under the trade name PulmoBind. Under the terms of the agreement, Lumen Medical Inc. will merge with and into Acorn Acquisition Corp. in consideration of the issuance of an aggregate of 51,250,000 shares of Acorn common stock to the shareholders of Lumen.
Lumen is a privately held company that owns 51% of PulmoScience Inc. and has an option to increase its percentage ownership to 61% by the payment of a cash option exercise price of $200,000. Lumen plans to exercise this option before the end of 2007. The remaining equity of PulmoScience is shared between Innovacor (a subsidiary of the Montreal Heart Institute) and Dr. Jocelyn Dupuis (the originator of the PulmoBind Molecular Imaging technology).
PulmoBind uses an intravenously delivered radionuclide tagged molecule
which specifically bonds to the inner walls of the circulatory system in
the lungs, and by the use of an external Gamma Camera allows an image of
the integrity of the blood vessels throughout the lungs to be seen by a
diagnostic clinician. PulmoScience is currently two thirds of the way
through Regulatory Approval for Phase I Human Trials, and while subsequent
results from additional tests might not corroborate the current results,
PulmoScience believes that PulmoBind has the potential to dominate the
market for the diagnosis of Pulmonary Embolism. In particular, this belief
is driven by PulmoScience's expectations of the improved safety and
efficacy that PulmoBind will offer when compared to the current incumbent
nuclear medicine based technology for th
|SOURCE Acorn Acquisition Corp.|
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