April 21, 2010 (FinancialWire) — Laxai Pharma Ltd. (OTCBB: LAXAF), a contract research organization (CRO), recently completed an asset purchase of OSR Solutions, Inc.

Laxai said its reported financial results reported on April 15, 2010, related to its past biofuel businesses, which it ceased in February 2010.

"We have acquired the assets of OSR Solutions, Inc., a New Jersey based CRO, and we expect to demonstrate our business leadership in the CRO sector in the years to come by pursuing both internal growth as well as synergistic acquisitions," said Ram Ajjarapu, executive chairman of Laxai.

Laxai invested $3.6 million financed through the issuance and sale of debt and equity securities. The company now has 60.1 million common shares issued and outstanding; other than a warrant to purchase 5.8 million common shares issued to a lender of the company, no other equity or equity linked securities have been issued.

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