DNAprint Genomics (DNAG)

[stakddek]

OT: Background & update: Greenwich Pharma:

++++++++++++++++++++++++++

http://www.biospace.com/news_story.cfm?StoryID=19936520

++++++++++++++++++++++++++++
VioQuest Pharmaceuticals, Inc. (VQPH.OB) And Greenwich Pharmaceuticals Sign Letter Of Intent To Merge

MONMOUTH JUNCTION, N.J.--(BUSINESS WIRE)--May 4, 2005-- Acquisition of Two Potent Anti-Cancer Compounds Positions VioQuest as a Significant Player in the Development of Oncology Therapeutics VioQuest Pharmaceuticals, Inc., (OTCBB: VQPH) ("VioQuest") signed a non-binding letter of intent to complete a merger transaction with Greenwich Therapeutics, a privately-held New York biotechnology company focused on the development of novel compounds with broad therapeutic applications in oncology. In the proposed merger, VioQuest would acquire two anti-cancer agents - Sodium Stibogluconate (SSG) and API-2. As a result of the proposed merger, the stockholders of Greenwich Therapeutics will receive up to approximately 47% of VioQuest Pharmaceuticals on a fully diluted, post-merger basis. Approximately one-half of the additional equity will be set aside in escrow, and will only be released incrementally upon the achievement of certain clinical milestones relating to Phase I and Phase II clinical studies for each compound. Daniel Greenleaf, VioQuest's President and CEO, stated, "In the past several months, VioQuest has refined its business strategy to expand into the development of therapeutics while maintaining a commitment to our existing chiral chemistry (Chiral Quest) business. The proposed acquisition of Greenwich provides a solid oncology pipeline of two very promising compounds. SSG is now in a Phase I/II clinical trial at the renowned Cleveland Clinic Taussig Cancer Center and could reach clinical proof-of-principle quickly, since the drug demonstrated promising therapeutic efficacy in several pre-clinical studies. API-2, the second drug, is entering Phase I/II clinical trials at Moffitt Cancer Center and has been shown to significantly inhibit tumor growth associated with Akt overexpression. The proposed merger creatively shares clinical risk with Greenwich shareholders as the escrowed shares are only issued if certain achievement-based milestones are reached by the drugs."

(See Story from BioSpace.com) (5/4/05)

Related Companies


Greenwich Pharmaceuticals:
Profile , News


VioQuest Pharmaceuticals, Inc.:
Profile , News , Full Quote

Related News

News Categories: Mergers and Acquisitions
Disease Categories: Cancer (misc)
Related Clinical Development Pipelines

Clinical Development: Cancer (misc)

--------------------------------------------------------------------------------

BioSpace News Reader


> Next story: NitroMed, Inc. (NTMD) Release: FDA Approves BiDil(R) For Treatment Of Heart Failure In Black Patients


--------------------------------------------------------------------------------

++++++++++++++++++++++++++++

Stakddek