NEW YORK, April 21, 2006 (PRIMEZONE) -- Gardant Pharmaceuticals, Inc. (OTCBB:GRDPE) announces that the spin off record date for Accura Pharma PLC is the close of business today 21st April, 2006. Shareholders of record at the close of business today shall receive 1.7 shares of Accura Pharma PLC for every one share held in Gardant Pharmaceuticals, Inc. Shares are expected to be mailed to shareholders on or about 15th May, 2006. The shares will be restricted for a period of 6 months. Accura Pharma PLC is a privately held company that is currently in the process of listing for trading on a public exchange in the United Kingdom.
Gardant Pharmaceuticals, Inc. recently announced plans to spin-off a number of its operating subsidiaries to the Company's shareholders in order to enhance the independent identities of, and investor interest in, those subsidiaries and gives the Company more clarity in its ongoing business activities. That policy is intended to unlock value which the Company believes exist in its subsidiaries. As previously announced, over the coming months Gardant Pharmaceuticals, Inc. intends to dividend to its shareholders, on a pro rata basis, its holdings in two oncology-focused companies, a dermatology company, a specialty pharma company, and an anti-viral company.
The end result will be that shareholders shall receive dividend shares in the above mentioned spin off companies, and Gardant Pharmaceuticals, Inc shall be left to focus on the development of a core portfolio of compounds which should further enhance shareholder value.
About Accura Pharma PLC
Accura Pharma PLC is an emerging pharmaceutical company, formed in 2004, which operates through its wholly owned subsidiaries, Accura Therapeutics Ltd, Anvet Pharma Ltd. and Cain Biotech Limited. Accura Pharma PLC is focusing on developing biopharmaceutical products for treatments of conditions in the following markets: cardiovascular, oncology, lifestyle pharmaceuticals, and animal health concerns. The Company currently has a number of compounds in development from Pre-Clinical through to Phase II.
About Gardant Pharmaceuticals Inc.
Gardant Pharmaceuticals, Inc. (OTCBB:GRDPE) is a pharmaceutical development organization ("PDO") that seeks to acquire, develop and commercialize novel pharmaceutical compounds in an efficient, cost-effective way. Gardant seeks to use its academic, industry and capital market relationships to expedite drug development and raise capital to create and fund its subsidiary companies.
Gardant conducts its business directly and through its subsidiaries. Gardant's strategy relies on its development network for research, clinical development and project management to guide early-stage compounds from the discovery process through to Phase II/III development where incremental value can be created. Gardant is listed on the Over-The-Counter Bulletin Board under the symbol OTCBB:GRDPE.
Gardant Pharmaceuticals Safe Harbor Statement
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because these statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Specifically, factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to: risks associated with pre-clinical and clinical developments in the biopharmaceutical industry in general and in Gardant is compounds under development in particular; the potential failure of Gardant's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of Gardant's compounds under development; failure to successfully implement or complete clinical trials; failure to receive marketing clearance from regulatory agencies for our compounds under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Gardant's business, structure or projections; the development of competing products; uncertainties related to Gardant's dependence on third parties and partners; and those risks described in the filings with the SEC, all of which are under Gardant's prior name Mobile Design Concepts, Inc. Gardant disclaims any obligation to update these forward-looking statements.