CAMBRIDGE, Mass.--(BW HealthWire)--Aug. 4, 1998--DynaGen, Inc. (NASDAQ:DYGN) (BSE:DYG) today announced that through a restructuring with Superior Pharmaceutical Shareholders, it has reduced the acquisition purchase price by $5.0 million. Specifically, this agreement eliminates the $5.0 million common stock payment by DynaGen which was due in June 1998.
DynaGen is currently in negotiations with several financial institutions to obtain conventional bank financing which will be used to retire the remaining note obligation to the Superior Shareholders.
Dynagen, Inc. is a health care company involved in the research, development, manufacture and distribution of brand and generic therapeutic products. DynaGen's subsidiary, Able Laboratories, Inc. develops and manufactures the company's generic products in its FDA registered 46,000 square foot facility located in S. Plainfield, NJ. The company markets and distributes products to independent retail chain and institutional pharmacies through its wholly-owned marketing subsidiaries, Superior Pharmaceutical Company and Generic Distributors Incorporated. The Company maintains operations in Massachusetts, New Jersey, Ohio and Louisiana. |
