EXEG is a non-operating shell with about $9 million of cash on the books. Outstanding common shares = 17.0 million plus 1.0 million of preferred convertible to common.
The excitement is that Dr. Phillip Frost, a pharmaceutical billionaire, is buying 51% of the stock for cash.
On August 14, 2006, eXegenics, Inc. (the "Company") entered into a Stock Purchase Agreement (the "Purchase Agreement") with a group of investors led by Phillip Frost, M.D, for the sale of shares of the Company's common stock. The shares of common stock to be issued to the purchasers will constitute, upon issuance, 51% of the issued and outstanding shares of common stock of the Company, on a fully-diluted basis. The aggregate purchase price to be paid for the shares is $8,613,000, reflecting the book value of the Company at June 30, 2006
"Investors shall purchase from the Company, an aggregate of 19,440,491" Current outstanding, before the transaction, is
Currently, eXegenics is a shell company. It was formerly known as Cytoclonal Pharmaceutics which was previously involved in researching cancer drugs. However, the co has terminated all research activities. All scientific staff and administrative positions were eliminated. The co has established a committee to study strategic direction and identify potential business opportunities.
Frost is the man behind Ivax Corporation, a generic drug manufacturer,m which was recently acquired by Teva. Frost's company had repeatedly gone to court to fight for the right to produce generic versions of brand-name drugs with expiring patents.
Dr. Phillip Frost was named Vice Chairman of the Board of Teva Pharmaceutical Industries, Ltd. ("Teva") in January 2006 when Teva acquired IVAX Corporation. Dr. Frost had served as Chairman of the Board of Directors and Chief Executive Officer of IVAX Corporation since 1987. He was Chairman of the Department of Dermatology at Mt. Sinai Medical Center of Greater Miami, Miami Beach, Florida from 1972 to 1990. |
