CORGENTECH INC
hier gibt es bald geld zu holen
Copyright 2005 World Markets Research Limited;
All Rights Reserved
World Markets Analysis
September 27, 2005
SECTION: IN BRIEF
LENGTH: 359 words
HEADLINE: Corgentech and AlgoRx Look Set to Merge
BYLINE: Jonathan Goodall
BODY: U.S. drug developer Corgentech Inc. and U.S. pharmaceutical company AlgoRx have announced they intend to merge in a share exchange deal between the two companies. As part of the deal, Corgentech has agreed to issue AlgoRx stock holders with Corgentech shares. AlgoRx stockholders will hold 62% of the shares in the newly formed company. The result of the merger will be a company with a pipeline of four clinical products focused on the areas of pain management and inflammation.
Significance: The merger between California-based Corgentech and New Jersey-based AlgoRx will not only form a company that has a good pipeline of promising clinical products but also the financial muscle - with US$124 million in cash, cash equivalents, and short-term investments - to progress some of those projects out of the clinic and into the approval stages. The most promising candidate to make this move is RX 3268, a topical local anaesthetic, which will become the merged company's most advanced clinical candidate. In a statement, Ronald M. Burch, AlgoRx's Chief Executive Officer, said it hoped to file a New Drug Application for ALGRX3268 at some point next year. The two companies intend to make a filing with the Securities and Exchange Commission over their planned merger in the next couple of weeks and a stockholders' vote on the merger is expected to take place either in December or early January. Earlier this year, Corgentech suffered a massive blow when its experimental vein graft prevention treatment, edifoligide, failed to meet its primary and secondary endpoints during its Phase III trial, leading to U.S. Bristol-Meyers Squibb terminating a co-development deal that it had with the company for the drug (see United States: 31 March 2005: Corgentech and BMS Lick Wounds After Vein Graft Drug Failure). This left Corgentech with a very lacklustre pipeline and a severely dented share price. Therefore, this latest announcement is the end of a chapter for Corgentech and as a newly merged company, it will have a bolstered pipeline that it will be able to use its development expertise on, to help move products towards the market.
LOAD-DATE: September 27, 2005
hier gibt es bald geld zu holen
Copyright 2005 World Markets Research Limited;
All Rights Reserved
World Markets Analysis
September 27, 2005
SECTION: IN BRIEF
LENGTH: 359 words
HEADLINE: Corgentech and AlgoRx Look Set to Merge
BYLINE: Jonathan Goodall
BODY: U.S. drug developer Corgentech Inc. and U.S. pharmaceutical company AlgoRx have announced they intend to merge in a share exchange deal between the two companies. As part of the deal, Corgentech has agreed to issue AlgoRx stock holders with Corgentech shares. AlgoRx stockholders will hold 62% of the shares in the newly formed company. The result of the merger will be a company with a pipeline of four clinical products focused on the areas of pain management and inflammation.
Significance: The merger between California-based Corgentech and New Jersey-based AlgoRx will not only form a company that has a good pipeline of promising clinical products but also the financial muscle - with US$124 million in cash, cash equivalents, and short-term investments - to progress some of those projects out of the clinic and into the approval stages. The most promising candidate to make this move is RX 3268, a topical local anaesthetic, which will become the merged company's most advanced clinical candidate. In a statement, Ronald M. Burch, AlgoRx's Chief Executive Officer, said it hoped to file a New Drug Application for ALGRX3268 at some point next year. The two companies intend to make a filing with the Securities and Exchange Commission over their planned merger in the next couple of weeks and a stockholders' vote on the merger is expected to take place either in December or early January. Earlier this year, Corgentech suffered a massive blow when its experimental vein graft prevention treatment, edifoligide, failed to meet its primary and secondary endpoints during its Phase III trial, leading to U.S. Bristol-Meyers Squibb terminating a co-development deal that it had with the company for the drug (see United States: 31 March 2005: Corgentech and BMS Lick Wounds After Vein Graft Drug Failure). This left Corgentech with a very lacklustre pipeline and a severely dented share price. Therefore, this latest announcement is the end of a chapter for Corgentech and as a newly merged company, it will have a bolstered pipeline that it will be able to use its development expertise on, to help move products towards the market.
LOAD-DATE: September 27, 2005