Nexia sells assets, founder Jeffrey Turner resigns

Montreal’s Nexia Biotechnologies Inc has sold most of its operations and replaced founder, president and CEO Dr Jeffrey Turner after failing to secure new financing. Nexia sold all its operations and assets related to Protexia — a protein that acts as an antidote to nerve gas — to PharmAthene Inc, Annapolis MD, a private biotech company focused on the development of biodefence therapeutics. Much of the $15.6 million in proceeds will be returned to shareholders. Turner was recently appointed to the advisory committee for Industry Canada’s two pilot commercialization funds (<a class="micro" href="http://">R$, November 22/04). Nexia was once the darling of the Canadian biotechnology industry for its ability to produce proteins using genetically modified goats. The goat herd was sold to PharmAthene….