Acorn Acquisition Corp Announces Definitive Agreement to Acquire Lumen Me... (e diagnosis of Pulmonary Embolism.In add...)

Acorn Acquisition Corp Announces Definitive Agreement to Acquire Lumen Medical Inc.

Date:10/4/2007

e diagnosis of Pulmonary Embolism. In addition, early indications are that PulmoBind could be highly effective in the early stage diagnosis of Pulmonary Hypertension, a condition for which there is no current front line diagnostic test. The addressable market for the product candidates being developed by PulmoScience is believed by the company to be worth $500 million per annum.

Alain U. Vetterli, Chairman and Chief Executive Officer of Acorn Acquisition Corp. stated, "This strategic acquisition is an important catalyst for transforming Acorn from a shell company into a medical diagnostic company with excellent prospects of achieving pre-market regulatory approval in Canada during the first half of 2008 and in other markets during the second half of 2008."

"PulmoBind has the potential to dominate the market for diagnosis of Pulmonary Embolism," Vetterli continued. "We are excited by the prospective commercial success which this transaction can achieve for Acorn and its stockholders."

"Acorn's public company status permits Lumen to continue financing the development and commercialization of the PulmoBind technology and will enable Lumen's stockholders to achieve liquidity," said Garry McCann, President and Chief Executive Officer of Lumen. "If and when PulmoBind achieves pre-market approval and Acorn begins to market its product candidates, we hope that Acorn will be accorded a market valuation commensurate with that of a successful medical diagnostic company."

The transaction is expected to close within six months, and completion of the transaction is subject to certain closing conditions. Following the closing of the transaction, PulmoScience will operate as a 51% (or 61%) subsidiary of Acorn Acquisition Corp.

About PulmoScience Inc.

PulmoScience Inc. was formed in 2006 and is an early stage development company dedicated to the development of a new methodology for the diagnosis of disorders of the pulmonary circulation such as Pu
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SOURCE Acorn Acquisition Corp.
Copyright©2007 PR Newswire.
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Acorn Acquisition Corp Announces Definitive Agreement to Acquire Lumen Me...(e diagnosis of Pulmonary Embolism.In add...)