INEX to Spin Off Targeted Immunotherapy Assets

21-Nov-2005

Inex Pharmaceuticals Corporation announced that its Board of Directors has approved a Company reorganization that would include the spin-off of its Targeted Immunotherapy technology and product candidates into a new company. If the proposal is approved by shareholders and the Supreme Court of British Columbia, the majority of shares in the new public company would be distributed to INEX shareholders.

The reorganization would enable the new company to focus on INEX's Targeted Immunotherapy program and raise the additional capital necessary to advance this technology. The new company would give INEX shareholders a direct investment in a promising early stage area of research, the use of Targeted Immunotherapy products to treat cancer and other diseases. This reorganization would also allow INEX to continue its focus on extracting value from its late stage Targeted Chemotherapy platform including Marqibo(TM), INX-0125 (sphingosomal vinorelbine) and INX-0076 (sphingosomal topotecan).

Under the reorganization plan, INEX's Targeted Immunotherapy assets and some cash would be transferred to a new company. INEX would retain an equity position in the new company with the remainder being distributed to INEX's common shareholders. A portion of the equity in the new company would also be reserved for issue to holders of INEX's convertible debt. Additional information will be made available in an information circular to be mailed to shareholders in advance of an Extraordinary Meeting of shareholders to held to approve the reorganization. INEX intends to hold the shareholder meeting on January 26, 2006 and has established a record date of November 28, 2005.

https://www.bionity.com/en/news/50379/inex-to-spin-off-targeted-immunotherapy-assets.html