North American Vaccine Comments on Stock Price
COLUMBIA, Md., Aug. 25 /PRNewswire/ -- North American Vaccine (Amex: NVX) announced today that there are no corporate developments that would explain yesterday's volatility in the price for the Company's common stock.
Neil Flanzraich, Chairman of the Board of North American Vaccine, stated, "Yesterday's trading activity is rather surprising given that the Company continues active and productive negotiations with several companies on various strategic options. The Company is presently evaluating various proposals and hopes to decide in the near future on a course of action that represents the best opportunity for the Company and its shareholders."
As previously announced, North American Vaccine is in negotiations involving one or more strategic initiatives. These negotiations involve potential transactions ranging from single or multiple product distribution, license or other collaboration agreements, through a potential sale of the Company. In addition, the Company continues to address its requirements for additional financing through a variety of sources including the sale and leaseback of one of its facilities, receipt of payments in connection with an existing product collaboration and through a line of credit guaranteed by BioChem Pharma, Inc.
In addition to the progress being made on the various strategic initiatives, the Company continues to develop its rich product pipeline, including the group C meningococcal conjugate vaccine that is intended to be filed for approval in the United Kingdom during the fourth quarter. The UK National Health Service has issued a request for proposal from manufacturers to provide group C meningococcal conjugate vaccine for use in a vaccination program to begin later this year. The Company's sealed bid in response to this request was submitted yesterday. The Company continues to support the products in its development pipeline without experiencing any significant negative events. |
