NEW YORK, April 19, 2010 (GLOBE NEWSWIRE) -- Laxai Pharma Ltd. (OTCBB:LAXAF) (f/k/a NexGen Biofuels, Ltd.), a contract research organization ("CRO"), recently completed an asset purchase of OSR Solutions, Inc. as a platform acquisition to enter into the CRO industry that provides fully integrated services across the drug development spectrum for pharmaceutical customers and simultaneously cease its biofuel operations.
Laxai Pharma Ltd. has reported financial results as planned on April 15, 2010 for the fourth quarter and year ended December 31, 2009. However, its reported financial results for fiscal years 2009 and 2008 relate to its past biofuel businesses, which it ceased in February 2010.
"We have acquired the assets of OSR Solutions, Inc. ("OSR"), a New Jersey based CRO with over $6 million unaudited 2009 revenue, and we expect to demonstrate our business leadership in the CRO sector in the years to come by pursuing both internal growth as well as synergistic acquisitions," said Ram Ajjarapu, Executive Chairman of Laxai.
Laxai Pharma Ltd. has completed the asset purchase of OSR by investing $3.6 million financed through the issuance and sale of debt and equity securities. The company now has 60.1 million common shares issued and outstanding; other than a warrant to purchase 5.8 million common shares issued to a lender of the company, no other equity or equity linked securities have been issued.
SAFE HARBOR: This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of Laxai Pharma, Ltd. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Management's judgment based on assumptions as of the date hereof which may or may not prove to be correct. Readers are referred to the documents filed by the company with the United States Securities and Exchange Commission, that identify important risks which could cause actual results to differ from those contained in the forward looking statements.