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Biotech / Medical : MEDX ... anybody following? -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (1110)	8/23/2005 8:09:23 AM
From: Icebrg	Respond to of 2240

>>[Apart from everything else, it appears that the IDM-Epimmune merger has now been completed].>> Indeed, it has. Epimmune and IDM S.A. Join Forces to Become IDM Pharma, Inc. Tuesday August 16, 9:35 am ET SAN DIEGO, Aug. 16 /PRNewswire-FirstCall/ -- Epimmune Inc. and IDM S.A. today announced the completion of their previously announced business combination and related transactions. The combined company, incorporated in Delaware and headquartered in San Diego, is named IDM Pharma, Inc. (IDM). IDM S.A. is now a wholly owned French subsidiary of IDM. The common stock of the combined company will begin trading Tuesday, August 16, 2005, under the ticker symbol "IDMI" on the Nasdaq National Market. In connection with the closing of the transactions, a 1-for-7 reverse stock split of all outstanding common stock, including the shares issued to the stockholders of IDM S.A., was completed. As a result, the combined company has approximately 13.2 million shares issued and outstanding, and based on a $6.30 share price as of August 15, 2005 to reflect the reverse split, has a market capitalization of approximately $83 million. Jean-Loup Romet-Lemonne, IDM S.A.'s Chairman and Chief Executive Officer, has assumed the position of Chairman and CEO of IDM. Emile Loria, President and CEO of Epimmune and Bob De Vaere, Chief Financial Officer of Epimmune have assumed the respective roles of President and Chief Business Officer, and CFO of IDM. Dr. Romet-Lemonne will chair the nine-member board of directors of IDM, which includes three members from each of the former boards of each company, as well as three new independent board members. IDM will focus on seven product candidates in clinical development for cancer and infectious disease indications. The Company's lead product candidate, Junovan (formerly Mepact), has completed a Phase III clinical trial in the U.S. for the treatment of osteosarcoma. Junovan has received Orphan Drug Status in both the U.S. and EU, and the Company is working with U.S. and EU regulatory agencies regarding the appropriate pathway for product marketing approval. The Company expects to receive regulatory approval for Junovan in the U.S. and EU in 2007. The Company's most advanced clinical product candidates, other than Junovan, are being developed to address large cancer markets, including bladder, colorectal and non-small cell lung cancer and melanoma. The Company has strategic partnerships with Sanofi-Aventis, Medarex and Innogenetics. Commenting on the completion of the business combination, Dr. Romet-Lemonne said, "In combining IDM's delivery and production expertise with Epimmune's epitope target identification capabilities, we believe we have greatly improved the opportunities for success of our technology and more importantly, expanded the prospects for the many patients who could benefit from our combined expertise. We believe there is substantial value in this combination to create one biopharmaceutical company with a strong product pipeline, prospects for annual product revenue by 2007, a healthy financial position with opportunity for new funding and solid backing from blue-chip pharma biotech partners."