CancerVax Stockholders Approve Merger With Micromet
Wednesday May 3, 2:29 pm ET
CARLSBAD, CA--(MARKET WIRE)--May 3, 2006 -- CancerVax Corporation (NasdaqNM:CNVX - News), a biotechnology company focused on the research, development and commercialization of novel biological products for the treatment of cancer, announced today that its stockholders approved the previously announced merger with Micromet AG at its annual stockholders meeting held on May 3, 2006. The transaction, which is subject to customary closing conditions, is expected to close on or about May 5, 2006.
At the annual meeting, CancerVax stockholders also approved several proposals related to the merger, including amendments to CancerVax's charter to increase the authorized shares of common stock, to effect a reverse stock split in the range of 1:2 to 1:4, and to change the name of CancerVax to Micromet, Inc. upon the closing of the merger.
About CancerVax (www.cancervax.com)
CancerVax Corporation is a biotechnology company focused on the research, development and commercialization of novel biological products for the treatment and control of cancer. CancerVax's leading product candidate is D93, an anti-angiogenic, humanized, monoclonal antibody. CancerVax filed an investigational new drug application for clinical trials of D93 in February 2006.
About Micromet (www.micromet.de)
Micromet AG is a private, Munich, Germany-based biotechnology company with a focus on the development of novel, proprietary antibody-based products for cancer and inflammatory and autoimmune diseases. Two product candidates are currently in clinical trials. MT201, a recombinant human monoclonal antibody, is being evaluated in Phase 2 clinical trials for the treatment of patients with breast cancer and prostate cancer. MT103 is being studied in a Phase 1 clinical trial for the treatment of patients with non-Hodgkin's lymphoma. The Company has established a drug development platform based on its BiTE(TM) technology, a unique, antibody-based format that leverages the cytotoxic potential of T cells, the most powerful 'killer cells' of the human immune system. Micromet has integrated infrastructure and expertise in drug design and development. The Company has attracted both top-tier life science investors and has established collaborations with MedImmune, Inc. and Serono. |
