Apex Bioventures Acquisition (stock symbol: [t]PEX[/t]) has announced that it has terminated its agreement to acquire Dynogen Pharmaceuticals. Apex has until December 13, 2008 to find another deal.
Apex Bioventures and Dynogen Pharmaceuticals Mutually Terminate Merger Agreement
Wednesday April 16, 4:04 pm ET
HILLSBOROUGH, Calif.--(BUSINESS WIRE)--Apex Bioventures Acquisition Corp. (AMEX: PEX - News), a publicly traded special purpose acquisition company with healthcare industry expertise, announced today its mutual agreement with Dynogen Pharmaceuticals, Inc., a privately owned clinical stage biopharmaceutical company focused on gastrointestinal and genitourinary disorders, to terminate the merger agreement they entered into on February 5, 2008, pursuant to which Dynogen would have merged with a subsidiary of Apex.
Apex and Dynogen determined that, due to current market conditions, particularly for small capitalization public biotech companies, terminating the merger agreement was in the best interests of both companies and their respective stockholders.
Apex is a blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, one or more domestic or foreign operating businesses in the healthcare industry. Apex will continue to search for a business with which to effect a business combination on the terms set forth in its certificate of incorporation. As of March 31, 2008, the amount held in trust for the benefit of Apex’s public stockholders, including $2,070,000 of deferred underwriting discounts and commissions, was approximately $67,200,956. If Apex does not sign a letter of intent by December 13, 2008 and effect a business combination by June 13, 2009, it will dissolve and liquidate.
Conference Call
Apex Bioventures senior management will host a conference call on Thursday, April 17, 2008 at 11:00 a.m., Eastern Time, to discuss the termination of the merger. Live audio of the conference call will be available to investors, members of the news media and the general public by dialing 1-800-795-1259 (United States) or 1-785-832-0301 (International) and referencing the code 6421310. A phone replay will be available for 30 days by dialing 1-888-203-1112 (United States) or 1-719-457-0820 (International) and referencing the code 6421310.
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