Biotech Values

[DewDiligence]

News flash…

In the wake of the FDA’s rejection of the New Drug Application for Ampligen, Hemispherx (HEB) has agreed to be acquired by Cel-Sci (CVM) in an all-stock deal.

There will be no shareholder vote, but the merger has been approved by the Board of Directors of both companies.

A member of CVM’s BoD who asked to remain anonymous because he was not authorized to speak publicly said:

“We figured there was no need for a shareholder vote… they’re the same kind of company we are. We approach problem solving the same way and we have similar policies on public disclosures. We just couldn’t see a reason why their shareholders would not want to become our shareholders.”

The merged company will be called Cel-Scam BioSpherix. It will trade under the Nasdaq symbol ‘CSBS’.