Islet Sciences Announces Closing of DiaKine Therapeutics Acquisition
Positioned to Capitalize on Growth Potential of Diabetes Treatment Industry -
NEW YORK, March 23, 2012 /PRNewswire via COMTEX/ -- Islet Sciences, Inc. (otc.bb:ISLT), a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes, today announced the closing of the acquisition of DiaKine Therapeutics, Inc. ("DTI"), a biopharmaceutical company developing new, proprietary drugs for unmet medical needs in diabetes and complications related to diabetes which is now the Company's wholly owned subsidiary.
John Steel, Chairman and CEO of Islet Sciences stated, "We are pleased to announce the closing of this acquisition and look forward to executing on the combined company's synergistic market opportunity in the diabetes space. Our approach to the treatment of diabetes in addition to other inflammatory diseases and autoimmune disorders represents a very large market. DiaKine's drugs may benefit people with type 1 and type 2 diabetes that has a total addressable market of approximately $13 billion. We believe the DiaKine acquisition positions the Company to capitalize on the growing opportunities in this field."
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