InnoVet Inc. (NASDAQ:IVET) on Wednesday said it has signed aletter of intent to acquire DRA Associates, a private companyspecializing in developing and marketing test strips for fitness,sports nutrition and veterinary medicine.
The Lenexa, Kan., company, formerly known as Bioquest Inc.,would receive an undisclosed amount of InnoVet stock.
DRA's 1992 sales were about $500,000, according to InnoVetCEO D.F. Myers. It has filed an application with the FDA tomarket urine test strips that determine the level of stressencountered during exercise.
InnoVet and DRA previously collaborated on IVET 629, animmunostimulant that InnoVet expects the USDA to approvefor use in horses by the fourth quarter.
In a separate announcement, InnoVet said it had extended theexercise period of its warrants through March 8, 1993. Thewarrants are exercisable at $3.60, Myers said. The commonstock closed at $4.75, down 13 cents, on Wednesday.
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