Pharmacor to Join Procyon - Acquisition Expands Drug Candidate Pipeline
MONTREAL, March 28 /CNW Telbec/ - Pharmacor Inc. today announced that
Procyon Biopharma Inc. (TSX:PBP) has launched a share exchange take-over bid
to acquire all Pharmacor outstanding shares in exchange for 7 million Procyon
common shares. The transaction is conditional to a concurrent $3,250,000
financing of new cash into Procyon at a price of $0.45 per unit by Pharmacor's
investors, Investissement Desjardins, Innovatech du Grand Montréal, and QFL-
Laval Solidarity Fund. Each unit consists of one Procyon common share and
~0.4154 warrant, each full warrant entitling its holder to acquire one Procyon
common share. The warrants would become vested upon filing of an IND of
Pharmacor's lead compound and would be exercisable for a period of two years
thereafter at an exercise price equal to the greater of $0.45 or the market
price for Procyon common shares prevailing immediately prior to the IND
filing.
Pharmacor's institutional investors have indicated their intention to
accept the offer. Pharmacor's investor base is 56.3% institutional and 43.7%
private investors, which includes SPEQ Pharmacor Inc., a group of
approximately 200 individuals representing 19%. The board of directors of both
Pharmacor Inc. and SPEQ Pharmacor Inc. have unanimously recommended to their
respective shareholders to accept Procyon's offer.
"This acquisition secures our employees an environment in which to
continue their significant progress in the development of new molecules for
the treatment of HIV/AIDS," states Brigitte Lebreton, President and CEO of
Pharmacor. "Joining with Procyon adds shareholder value by broadening our
research platform to the new therapeutic areas of cancer and dermatology with
drug products in multiple stages of development. Additionally, by building
critical mass, we will be able to attract larger funding rounds."
Pharmacor Inc. is a Montreal-based biopharmaceutical company committed to
the discovery, development and licensing of innovative therapeutic agents for
the treatment of HIV/AIDS. Pharmacor's robust antiviral pipeline consists of
novel, small-molecule compounds with unique resistance profiles and novel
mechanisms of action. The Company's HIV portfolio includes PL-100, a novel
protease inhibitor with unique resistance profiles, now in preclinical trials,
and a new family of anti-HIV drugs that inhibit integrase activity. Although
Pharmacor is a publicly held company, its shares are not publicly traded, nor
listed on any stock exchange. For more information, please visit the company's
web site at: www.pharmacor.com .
This news release contains forward-looking statements including
technology development efforts and expectations, as well as the Company's
technologies and strategies. The actual results may differ materially
from those projected in the forward-looking statements due to numerous
risks and uncertainties that exist in the Company's operations,
development efforts and the business environment, including without
limitation: the ability to deliver its products to corporate
collaborators; the progress of product research and development
activities; the ability to enter into future collaborations with
pharmaceutical and biotechnology companies. The forward-looking
statements contained herein represent the judgment of Pharmacor Inc. as
of the date of this release. Pharmacor Inc. disclaims any intent or
obligation to update any forward-looking statements except to the extent
required by law. |
