SUNNYVALE, Calif. and CAMBRIDGE, Mass., Dec. 19 /PRNewswire-FirstCall/ -- Hyseq Pharmaceuticals, Inc. (Nasdaq: HYSQ - News) and VARIAGENICS, Inc. (Nasdaq: VGNX - News) today announced that they have set a date for their respective shareholder meetings on January 28, 2003, to approve the merger agreement announced on November 11, 2002.
On December 16, 2002, the Securities and Exchange Commission declared effective Hyseq and VARIAGENICS' Form S-4 registration statements filed in connection with the proposed merger. The joint proxy statement/prospectus is currently being mailed to the respective shareholders of Hyseq and VARIAGENICS. The merger is expected to be completed promptly following approval by the shareholders of each company.
An integration team consisting of senior management from both Hyseq and VARIAGENICS is currently engaged in the assessment of all programs and is in the process of making recommendations regarding the potential value and future resourcing requirements for each program.
In anticipation of the close of the merger, Hyseq and VARIAGENICS have begun to take steps to align with the stated goals of the combined company. As part of this process Hyseq has recently restructured its operations, resulting in a reduced staff of approximately 65 employees who will be headquartered in Sunnyvale, CA and will continue to execute upon its stated biopharmaceutical product development strategy.
Shareholder Meeting Details
Hyseq will hold its shareholder meeting on Tuesday January 28, 2003 at 9:00 a.m. (Pacific Time) at 675 Almanor Avenue, Sunnyvale, CA 94085. VARIAGENICS will hold its shareholder meeting on Tuesday, January 28, 2003 at 9:00 a.m. (Eastern Time) at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. at One Financial Center, Boston, MA, 02111.
Additional Information
In connection with the proposed merger, Hyseq and VARIAGENICS have filed a joint proxy statement/prospectus with the Securities and Exchange Commission (SEC). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AS IT CONTAINS IMPORTANT INFORMATION ABOUT HYSEQ, VARIAGENICS, THE MERGER AND RELATED MATTERS. INVESTORS AND SECURITY HOLDERS HAVE ACCESS TO FREE COPIES OF THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC BY HYSEQ AND VARIAGENICS THROUGH THE SEC WEB SITE AT WWW.SEC.GOV. THE JOINT PROXY STATEMENT/PROSPECTUS AND RELATED MATERIALS MAY ALSO BE OBTAINED FOR FREE FROM HYSEQ AND VARIAGENICS BY CALLING THE CONTACTS LISTED AT THE END OF THE RELEASE.
Hyseq, VARIAGENICS and their respective directors, executive officers, certain members of management and employees, may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Hyseq's stockholders in connection with the proposed merger is set forth in Hyseq's proxy statement for its 2002 annual meeting of stockholders, dated June 28, 2002 and filed with the SEC on June 13, 2002. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of VARIAGENICS' stockholders in connection with the proposed merger is set forth in VARIAGENICS' proxy statement for its 2002 annual meeting, dated April 30, 2002 and filed with the SEC on April 29, 2002. Additional information is set forth in the joint proxy statement/prospectus. |
