Mergers and Acquisitions

Firm announces intention to acquire shares of Drew Scientific

Published in Biotech Business Week, May 3rd, 2004

Escalon Medical Corp. (ESMC) announced that Escalon intends to make an exchange offer for the shares of Drew Scientific Group PLC (DRW), a diagnostics company that specializes in analytical systems for laboratory testing worldwide.

Escalon intends to offer 0.0048 shares of Escalon common stock in exchange for each ordinary share of Drew Scientific that is validly tendered. The exchange offer values each Drew Scientific share at 0.06 pounds sterling (approximately $0.11) based on the closing price of $23.25 per share of Escalon common stock on April 7, 2004. If all of the outstanding shares of Drew Scientific are exchanged, Escalon would issue approximately 284,869...

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Source: Biotech Business Week (2004-05-03)

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