Drug System Maker Acquired

A Woodland Hills-based maker of thin filmstrips that deliver drugs and nutritional supplements has been acquired by a New York competitor. HealthSport Inc. of Amherst, N.Y., will buy InnoZen, the company that was the first to develop a product that delivers a drug through an oral film Chloraseptic Sore Throat Relief Strips, created in June 2003. The deal, expected to close Feb. 28, calls for HealthSport to issue 17 million shares of its common stock in exchange for all of the issued and outstanding shares of InnoZen. The combined company will be based in New York, but will retain operations in Woodland Hills.