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Here is an interesting company: over 80% owned by CYTR. VAXCEL INC They purchased this company due to their CANCER ANTIGEN and other bio-tech technolgies. what follows is from an SI'er: Sorry, this is "raw" data...I just happened to see it on freedgar fri (current release sect.)\After todays action, is it worth a look Ask 5/8...look at BLSI and others) What do you think of a stock that has almost no float and is involved in the hot topic of the week, cancer research...also, is at its low and exec's options are at and or above mkt....looks interesting to me The symbol is VXCL It is almost 87% owned by CYTR CYTRX CORPORATION Vaxcel def 14a filed 4/30/98 News release:Vaxcel Acquires Rights To Cancer Antigen biz.yahoo.com From CYTR 10k:Vaxcel, Inc. ("Vaxcel") is developing delivery systems to enhance the effectiveness of vaccines. >>> As a result of the Vaxcel Merger, CytRx owns approximately 87.5% of the outstanding common shares of Vaxcel, with the remaining 12.5% held by the former shareholders of Zynaxis. The Vaxcel Merger was treated as a purchase by Vaxcel and constituted a tax-free reorganization for the former Zynaxis shareholders. Also in connection with the Vaxcel Merger (i) options and warrants to purchase Zynaxis common stock were converted into options and warrants for the purchase of Vaxcel common stock, and (ii) convertible notes issued by Zynaxis were converted into the right to receive shares of Vaxcel common stock.<<< From def 14a(4/30/98) >>> there were 11,001,070 shares of the Common Stock issued and outstanding held by approximately 275 stockholders of record. Holders of Common Stock are entitled to one vote per share. SHARES OF COMMON STOCK ------------------------- NAME AND ADDRESS OF BENEFICIAL OWNER NUMBER PERCENTAGE(1) ------------------------------------ --------- ------------- <C> <C> NAMED EXECUTIVE OFFICERS AND DIRECTORS(2): Jack L. Bowman(3)........................................... 9,499 * Lyle A. Hohnke(4)........................................... 94,700 * Jack J. Luchese(5).......................................... 1,666 * Herbert H. McDade, Jr.(6)................................... 9,499 * Mark J. Newman(7)........................................... 75,000 * Mark W. Reynolds............................................ 1,200 * Paul J. Wilson(8)........................................... 157,280 1.4% All executive officers and directors as a group (7 persons)(9)............................................... 348,844 3.1 OTHER 5% STOCKHOLDERS: CytRx Corporation(10)....................................... 9,265,000 87.5% 154 Technology Parkway Norcross, Georgia 30092 Vaxcel, Inc. ("Vaxcel"), is engaged in the development and commercialization of vaccine adjuvants and delivery systems and a novel vaccine for the treatment of cancer. Vaxcel has four proprietary adjuvant and delivery system technologies which can be used to increase the effectiveness and/or convenience of both currently marketed and new vaccines. Vaxcel derives its rights to these four technologies from the following: (a) the rights to OPTIVAX(R) ("Optivax") are derived from an exclusive, worldwide license agreement with CytRx Corporation ("CytRx"); (b) the rights to PLG microspheres for oral vaccine delivery are derived as a result of a May 1997 merger of Zynaxis, Inc. ("Zynaxis"), a publicly-held biotechnology company, with Vaxcel Merger Sub, a wholly-owned subsidiary of Vaxcel formed for the purpose of the transaction (such transaction hereinafter referred to as the "Merger"); (c) the rights to mucoadhesives for oral vaccine delivery are also derived as a result of the Merger; and (d) the rights to entrapment techniques for vaccine delivery using certain water soluble polymers are derived from a Research Agreement and Option Agreement with Vanderbilt University ("Vanderbilt"). These four technologies are complementary to each other, thereby providing Vaxcel with a broad portfolio of technologies for the development of vaccines to be delivered by the injectable, oral, and mucosal routes of administration. Vaxcel's business strategy is to sublicense these adjuvant and delivery system technologies on a vaccine-by-vaccine basis to companies engaged in vaccine development At December 31, 1997, the Company had cash and cash equivalents of $691,000 and net assets of $5,291,000, compared to $84,000 and $160,000, respectively, at December 31, 1996. Working capital totaled $666,000 at December 31, 1997, compared to a deficit of $84,000 at December 31, 1996. Current cash resources, augmented by expected collaborative and other revenues will only be sufficient to fund current operations into, but not beyond the third quarter of 1998. The ability of the Company to operate as a going concern with the current portfolio of technologies under development for the remainder of 1998 and into 1999 will be determined by the results of ongoing technology licensing efforts and/or the actual proceeds of any fund-raising activities Joe PTG&LI !!! allstocks.com | ||||||||||||||
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