{"s" : "crxx","k" : "c10,l10,p20,t10","o" : "","j" : ""} Press Release Source: InvestorSoup On Thursday January 28, 2010, 6:50 am EST
DALLAS, Jan. 28, 2010 (GLOBE NEWSWIRE) -- InvestorSoup.com announces an investment report featuring CombinatoRx Inc. (Nasdaq:CRXX - News). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision.
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CombinatoRx Inc. (CRXX) is a biopharmaceutical company focused on developing synergistic combination pharmaceuticals. The Company has devoted substantially all of its resources to the development of its drug discovery technology and the research and development of its drug candidates, including conducting preclinical and clinical trials and seeking intellectual property protection for its technology and product candidates. Its portfolio of clinical product candidates targets multiple diseases including immuno-inflammatory diseases, metabolic disease, chronic pain and topical dermatoses. In December 2009, CombinatoRx and Neuromed Pharmaceuticals Inc. announced that they have merged.
In the report, the analyst notes:
“As of September 30, 2009, CRXX had cash, cash equivalents, restricted cash and short-term investments of $22.2 million compared to $30.6 million on June 30, 2009, and $43.7 million on December 31, 2008. This decrease from June 30, 2009, is primarily due to $2.6 million in restructuring costs and $1.8 million in professional fees associated with our ongoing strategic realignment and proposed merger with Neuromed.
“CRXX and Neuromed Pharmaceuticals Inc. yesterday announced that they have merged, combining the product assets and financial resources of both organizations, including potential Exalgo(TM) milestone and royalty revenue, CRXX's portfolio of product candidates and unique drug discovery capabilities. The combined company will trade under the stock symbol "CRXX" on the NASDAQ Global Market. … Under the merger agreement, CRXX issued approximately 14.9 million new shares of its common stock to Neuromed stockholders and placed another approximately 67.8 million new shares of its common stock in escrow. Escrow shares will be released in whole or in part to former Neuromed stockholders based upon the outcome and timing of the FDA's review of the New Drug Application (NDA) of the product candidate Exalgo, which has a February 22, 2010, PDUFA review date.”
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