IBAH Inc. (International Bio-Pharm Affiliated Holdings), a companyformed from the merger of Affinity Biotech Inc. (NASDAQ:AFBI) andBio-Pharm Clinical Services Inc., began trading last week onNASDAQ under the symbol IBAH. The new company has 14.2 millionshares outstanding and is based in Blue Bell, Pa.The move follows a vote by Affinity's shareholders to approve themerger. The new company has a market capitalization of about $50million based on a price of $3.50 per share. IBAH will provide acomprehensive range of product development services worldwide,including drug delivery, surface technology, and formulation servicesto address early-stage development needs. These services will beprovided through three separate operating divisions.Blue Bell-based Affinity went public in 1992 as a developer of oil-in-water and water-in-oil micromulsion systems for oral delivery ofpeptide and protein drugs. The company also holds patents forneomorphic ibuprofen compositions and methods for their preparation.In September 1993, Affinity established a wholly-owned subsidiary toprovide drug development services to pharmaceutical and biotechcompanies. Reflecting this shift in focus, new product developmentwill be downplayed in IBAH and fee-for-service arrangements withpharmaceutical companies emphasized, according to Arthur Koch,IBAH's chief financial officer.Philadelphia-based Bio-Pharm is a clinical research organization with alarge client base and contracts estimated at $56 million. In December1993, it acquired European Pharmaceutical Investigation ConsultantsLtd., an English company. IBAH has 410 employees, 45 of whomcame from Affinity. _Philippa Maister
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