Vasogen Inc. and IntelliPharmaCeutics Jointly Announce Shareholder Approval of Plan of Arrangement and Merger

21-Oct-2009 - Canada

Vasogen Inc. and IntelliPharmaCeutics Ltd. announced that shareholders of each company have approved the plan of arrangement and merger pursuant to which Vasogen will combine with IPC to continue as a publicly-traded entity to be called IntelliPharmaCeutics International Inc. IPC is a privately-held specialty pharmaceutical company that is focused on developing and manufacturing new and generic controlled-release pharmaceutical products using its broadly applicable, proprietary delivery technologies.

Separately, Vasogen's shareholders also approved the plan of arrangement with Cervus LP, an Alberta based limited partnership, that will reorganize Vasogen prior to completion of the transaction with IPC and which will provide gross proceeds to Vasogen of approximately Cdn$7.5 million in non-dilutive capital. Vasogen and IPC have been advised that the securityholders of Cervus and of Cervus GP Ltd., the general partner of Cervus, respectively, have also approved the plan of arrangement.

Various other customary closing conditions remain to be satisfied, including obtaining a final order approving the plan of arrangement from the Commercial List of the Superior Court of Justice Ontario and conditional listing approval from the Toronto Stock Exchange and NASDAQ. A final hearing on the plan of arrangement will be held at the Court in Toronto, Ontario, on October 21, 2009. Subject to the approval by the Court and satisfaction of other conditions, it is expected that the plan of arrangement and the other transactions contemplated therein will close on or about October 22, 2009.

https://www.bionity.com/en/news/108231/vasogen-inc-and-intellipharmaceutics-jointly-announce-shareholder-approval-of-plan-of-arrangement-and-merger.html