Affinity deal

AFBI signed a letter of intent to merge Bio-Pharm Clinical Services Inc. into AFBI. Bio-Pharm is a clinical research organization that expects to have revenues of $23-$25 million and a loss of $1.5 million in 1993. Upon closing of the deal, AFBI would be engaged in drug delivery systems, product development services, and clinical research services.

Bio-Pharm shareholders would receive 6.1 million newly issued shares of AFBI, and outstanding options to purchase 111,226 shares of Bio-Pharm would be converted into options to buy 1.8 million shares of AFBI. Prior to the deal, AFBI has 5.4 million shares outstanding. ...