NEW YORK, July 31, 2006 (PRIMEZONE) -- Gardant Pharmaceuticals, Inc. (Pink Sheets:GRDP) today announced that it is in advance negotiations to be acquired. The Company expects to sign a definitive merger agreement on or before August 23rd, 2006.
Under the terms of the acquisition, the previously announced spin-off of Cynat Oncology, Inc. will now remain a subsidiary of Gardant. The spin-off date of record remains 31st July, 2006 for previously announced spin-offs.
The spin-off ratios that will occur are as follows:
Genaderm, Inc. -- for every 1,000 shares held in Gardant, shareholders shall receive 525 shares in Genaderm. Genaderm is a speciality pharmaceutical company focusing on the development and commercialization of compounds and novel treatments targeting infectious and dermatological disease areas. Genaderm has a variety of products in markets which have unmet needs and quick licensing opportunities. Genaderm has a depth of management experience and expertise in bringing products through the development stage to market. The Company has a very experienced Scientific Group advising that was instrumental in the products discovery. Genaderm recently acquired the assets of Anvira, Inc. to strengthen Genaderm's portfolio of products.
Avantogen Oncology, Inc. -- for every 1,000 shares held in Gardant shareholders shall receive 210 shares in Avantogen Oncology. Avantogen Oncology is an international biotechnology company developing a focused oncology product portfolio, including the clinical evaluation of RP101, for patients with advanced pancreatic cancer and the pre-clinical evaluation of two further candidates, Capridine Beta in the setting of prostate cancer and an oral formulation of Paclitaxel. Avantogen Oncology, Inc. is traded on the OTC Bulletin Board under the symbol AVTO. For further information, visit www.Avantogen.com.
Amilar Pharmaceuticals, Inc. -- for every 1,000 shares held in Gardant, shareholders shall receive 118 shares in Amilar. Amilar Pharmaceuticals, Inc. is focused on the development of certain therapeutics targeted at the female health market. Amilar has two late-stage clinical products with near-term commercialization opportunities and revenue generation. The first product launch should be Q3 2009. Amilar is a strong licensing or M&A candidate for other companies already in or wanting to enter the women's health market. Significant milestones are anticipated through 2008 to drive value for shareholders. The Company has an experienced management team with a successful track record in drug identification, development and launch.
It is anticipated that the shares of the spin-offs will be delivered in the next 4-8 weeks subject to any requisite approvals.
About Gardant Pharmaceuticals, Inc.
Gardant Pharmaceuticals, Inc., as a post spin-off company is focused on developing a portfolio of compounds which have an emphasis on treating cancer. The Company is focused on developing and commercializing 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 compounds. 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.