by +Mike Poller – - In December of 2011, Crystal3 Labs, Inc., a cGMP contract research organization (CRO) based in Boca Raton, was acquired by an individual investor, Vithalbhai Dhaduk, M.D., of Fargo, ND. The company also announced an immediate name change to Global Pharma Analytics.
Dr. Dhaduk serves as Chairman of several biotech companies he cofounded, among them, Somahlution of Fargo, ND, Apicore, Synerex Pharmaceuticals, Nuron-Biotech and Core-Pharma. He is also an actively practicing neurologist and is currently Chief of Neurology at the Community Medical Center in Scranton, PA.
The Somahlution website includes this:
Somahlution’s goal is to set new standards in organ and conduit preservation and produce a new class of products that preserve organs and conduits in a healthy condition prior to transplantation, improve clinical outcomes following transplantation, and by extension, deliver a better quality of life for patients.
The resolution passed by the Jupiter Town Council last night includes this background info:
Project Cube involves the expansion of an existing Florida business as well as the relocation of a company and its headquarters from another state. The headquarters and R&D company recently acquired the existing Florida business and is looking to expand that entity as well as relocate the headquarters and R&D company.
Project Cube is a privately-held, development-stage life science company focused on advancing the science of organ and surgical conduit transplantation. Project Cube’s technologies are designed to maintain and enhance the function of donor organs and vascular conduits, and thus reduce post-transplant complications and improve longterm outcomes and transplant patients’ quality of life. Dr. Tod Fairbanks, a member of the Town’s Biotech Fund Advisory Board, evaluated research data from the company and verified that the company’s approach and technologies are scientifically sound.
The existing Florida company that was acquired by Project Cube is a contract analytical laboratory, a Clinical Research Organization (CRO), that provides a wide range of professional services to support pharmaceutical, nutritional and specialty chemical companies. The location of the CRO in Jupiter will not only afford local life science companies the opportunity to utilize local contract lab services, but will result in lab infrastructure that is not readily available in Jupiter.
Further on in the background material is this:
Although this item is appropriate for consideration on the Consent Agenda, the CEO for “Project Cube”, Satish Chandran, and its CSO, Cathy Pachuk, will be in attendance at the Town Council meeting along with Shawn Rowan, Vice President, Business Retention & Expansion of the Business Development Board of Palm Beach County, Inc. to answer any questions.
So it looks like Dr. Dhaduk purchased Crystal3Labs, is merging it with Somahlution, and moving the entire operation to Florida. This would mean giving up the $12,000 tax break ND awarded to Somahlution last October.