New York, June 7, 2006 (PRIMEZONE) -- Gardant Pharmaceuticals, Inc. (PinkSheets:GRDP) today announced that it is exploring the sale of the Company. In this connection, the Company intends to dividend to its shareholders, in July 2006, its shares in operating subsidiaries which the Company had previously announced it would spin-off to its shareholders. Once all of the spin-offs have completed, this will leave Gardant with a core portfolio of compounds that Gardant would continue to seek to develop.
Subject to any necessary approvals, Gardant will dividend its shares in the following operating companies to shareholders of record on July 31, 2006 on a pro-rata basis:
Amilar Pharmaceuticals Inc. Anvira, Inc. Cynat Oncology, Inc. Genaderm, Inc. Innovate Oncology, Inc
Gardant will announce further details concerning the spin-offs, including the applicable ratios for distribution of shares in the spin-offs, after all necessary approvals are completed.
About Gardant Pharmaceuticals, Inc.
Gardant Pharmaceuticals, Inc. (PinkSheets:GRDP) 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 Pharmaceuticals, Inc. 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: the ability of Gardant to finance its activities on commercially acceptable terms, in timely fashion, or at all; risks associated with pre-clinical and clinical developments in the biopharmaceutical industry in general and in Gardant's 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 as Mobile Design Concepts, Inc. Gardant disclaims any obligation to update these forward-looking statements.