ots Ad hoc-Service: MediGene AG <DE0005020903>
Munich/San Diego, CA (ots Ad hoc-Service) -
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement.
CLOSING HELD FOR ACQUISITION OF NEUROVIR THERAPEUTICS, INC.
The German biopharmaceutical company MediGene AG (NMarkt: MDG) announced today the closing of the acquisition of NeuroVir Therapeutics, Inc. (San Diego, CA), a biopharmaceutical company developing modified herpes simplex viruses (HSV) for use in cancer therapy. Currently NeuroVir has two product candidates in clinical trials. The NeuroVir shareholders have consented to the consummation of a merger of MediGene AG's newly founded subsidiary, MediGene, Inc. with NeuroVir. MediGene AG will take ownership of NeuroVir under the name MediGene, Inc. upon registration of the capital increase by MediGene AG for issuance of shares to compensate NeuroVir shareholders. MediGene's Chief Executive Officer, Peter Heinrich, Ph.D., will act as CEO of the combined entity, Frank Tufaro, Ph.D. will head MediGene, Inc. as a Managing Director.
MediGene AG is acquiring NeuroVir in a stock-for-stock transaction. 996.631 new MediGene AG shares will be issued to NeuroVir's shareholders, with an exclusion of pre-emptive rights of existing shareholders, in exchange for all shares of NeuroVir that MediGene had not already owned. MediGene AG purchased approximately 9 % of NeuroVir previously to its IPO in June 2000. Upon completion of the transaction, NeuroVir's former shareholders will hold approximately 8.6 % of MediGene AG 's outstanding shares on a fully diluted basis.
With this acquisition, MediGene AG has five product candidates in clinical development and several more in pre-clinical pipeline. Its technology platform comprises four proprietary technologies applied in cardiology and oncology.
For further information please contact:
MediGene AG Email: investor@medigene.de Fax: ++49 - 89 - 89 56 32-20
Christine Bohner, Public Relations Tel: ++49 - 89 - 39 56 32-16 Michael Nettersheim, Investor Relations Tel: ++49 - 89 - 89 56 32-46
End Internet: http://recherche.newsaktuell.de
Original content of: Medigene AG, transmitted by news aktuell