Rochester,NY 7/10/2009 10:13:19 PM
CRXX - CombinatoRx to Joint Venture in the midst of Canadian firm - Sourced WhisperFromWallStreet.com
CombinatoRx, Incorporated
CRXX - CombinatoRx to Joint Venture in the midst of Canadian firm - Sourced WhisperFromWallStreet.com
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CombinatoRx, Incorporated,CRXX
COMPANY NEWS
Drug developer CombinatoRx Inc. said Wednesday it has agreed to merge with Canada’s Neuromed Pharmaceuticals Ltd. Under the terms of the agreement, Cambridge, Mass.-based CombinatoRx will issue shares of common stock to Neuromed stockholders so that, post merger, each companies’ shareholders will have 50 percent of the voting power in the combined company. CombinatoRx shareholders will see their ownership stake in the combined company slip to 30 percent. If the drug does not win FDA approval by 2011, CombinatoRx shareholders will then assume a 70 percent ownership stake in the company, according to regulatory filings.
COMPANY INFORMATION
CombinatoRx, Incorporated, a biopharmaceutical company, focuses on discovering, developing, and outlicensing synergistic combination pharmaceuticals. It develops novel therapeutics with multi-target mechanisms of action that are built from combinations of drugs that utilize novel biology to treat various conditions, including immuno-inflammatory diseases, cancer, metabolic diseases, inherited diseases, and other diseases. The company's products include Synavive, a novel dissociated glucocorticoid product candidate to enhance the anti-inflammatory benefits of glucocorticoids, which completed phase II in rheumatoid arthritis, knee osteoarthritis, hand osteoarthritis, and biomarker study; CRx-401, an anti-diabetic agent, which is in phase IIa clinical study; and CRx-191, a topical synergistic combination drug candidate that has completed phase IIa clinical trials for psoriasis.
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