by Mark Carter
Posted 3/6/2013 01:06 pm
Updated 2 years ago
Vivione Biosciences of Pine Bluff has announced a merger with PACEpartners of Houston that will make it a publicly traded company on the Venture Exchange portion of the Toronto Stock Exchange (TSX).
Vivione CEO Kevin Kuykendall said the deal could provide an initial cash flow of up to $6 million. Vivione will become an operating subsidiary of PACE and will remain headquarted at the Pine Bluff Arsenal.
In Canada, PACE (Partners for A Clean Environment), operates as a capital pool company. CPCs trade on the TSX and use cash holdings to evaluate and acquire promising businesses.
Vivione's RAPID-B technology allows it to detect E. coli and other bacteria in food in a matter of minutes and hours as opposed to days or longer.
The technology was co-developed with the U.S. Food & Drug Administration and the National Center for Toxicological Research at Jefferson.
Vivione collaborates with the University of Arkansas System's Division of Agriculture and the University of Arkansas for Medical Sciences.
It leases about 2,000-SF in lab space from the Pine Bluff Arsenal under the Arsenal Support Program Initiative, which allows U.S. military arsenals to promote the commercial use of unused space.