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Company Press Release
Cell Pathways Shareholders Approve Combination With Tseng Labs
HORSHAM, Pa.--(BW HealthWire)--Nov. 2, 1998--Cell Pathways, Inc. today announced that at a Special Meeting held this morning the stockholders of Cell Pathways, Inc. approved the company's previously announced combination with Tseng Labs, Inc. (Nasdaq:TSNG - news).
Assuming that the stockholders of Tseng Labs also approve the transaction at the Tseng Special Meeting tomorrow morning, and the closing occurs as expected, trading in the stock of Tseng Labs will cease at the end of the day on November 3 and trading in the stock of the new Cell Pathways (Nasdaq:CLPA - news) will commence on November 4.
Based on the agreed exchange ratio for the transaction, stockholders of Tseng laboratories will receive approximately 0.36 of a share of Cell Pathways Common Stock for each share of Tseng Laboratories. Shares of Tseng Labs closed Friday at $6.875 per share.
Cell Pathways, Inc. is a pharmaceutical company focused on the development and commercialization of products to prevent and treat cancer.
For additional information on Cell Pathways, Inc., visit the company's Web site at cellpathways.com.
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Contact:
Cell Pathways, Inc.
Robert J. Towarnicki, 215/706-3800 (CEO)
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