MOLECULAR PHARMACOLOGY (USA) LIMITED ANNOUNCES ACQUISITION OF AUSTRALIAN DRUG DEVELOPER

Molecular Pharmacology (USA) Limited announced today that it has entered into a Share Sale and Purchase Agreement with PharmaNet Group Limited of Australia, a drug development company listed on the Australian Stock Exchange (ASX: PNO), for the acquisition of its wholly own pharmaceutical division, Molecular Pharmacology Limited (MPL). The acquisition of MPL Australia will provide MPL USA with an immediate and solid international foundation and will allow it to grow its business into all major geographical markets.

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