Baywood to buy healthcare products developer Aidan
acquire Aidan Products, a firm that specialises in immunology and
angiogenesis products sold through healthcare practitioner
channels.
Aidan was set up in 2001 following strong demand for immune-boosting products developed and used at the Aidan Clinic, including Imm-Kine, C-Statin and IVC-Max. It now has annual sales of over $1 million with considerable intellectual property supporting the portfolio.
"Aside from the outstanding strategic and cultural match between our two companies, the exceptional clinical profile of Aidan's patented formulas is what drives this acquisition," said Neil Reithinger, president and CEO of Baywood.
"We rarely see this level of science with other multiple molecule products, and we look forward to setting new standards on the kind of science that our industry should expect of therapeutic products," he added.
Aidan founder Neil Riordan has co-authored 18 peer-reviewed journal articles and currently holds ten US and international patents and three pending patents on products and treatment methods.
The first products were based on a plant molecule found by Riordan to inhibit new blood vessels from growing (angiogenesis). He was also involved in work at the Biocommunications Research Institute in Wichita, Kansas on another molecule extracted from the cell walls of bacteria discovered to both stimulate and encourage the immune system to prevent angiogenesis.
Both products were extensively tested and found to halt abnormal growth in a number of types of abnormal cell growth while normalizing abnormally high levels of plasma VEGF (Vascular Endothelial Growth Factor), says the firm.
The Aidan products will benefit from Baywood's distribution pipeline and sales force. Arizona-based Baywood markets its proprietary brands -Purechoice, Solutions and Complete La Femme, through independent and chain health food stores, pharmacies, grocery stores, and other direct-to-consumer channels.
"Having Aidan in a public vehicle such as Baywood is attractive by increasing our access to capital to perform additional research into the clinical applicability of current and future products," said Riordan.
He is expected to become chief scientific officer of Baywood when the deal closes, anticipated in September. It will be accretive to Baywood's earnings in 2004. Financial details were not disclosed.
