Shareholders approve Maxim Pharmaceuticals' merger proposal
Cancer therapeutics producer Maxim Pharmaceuticals of San Diego, US, has won approval from majority holders of its shares for the merger with EpiCept Corporation. EpiCept's stockholders had previously voted to approve the move and Maxim expects to close the transaction in January 2006.
Cancer therapeutics producer Maxim Pharmaceuticals of San Diego, US, has won approval from majority holders of its shares for the merger with EpiCept Corporation. EpiCept's stockholders had previously voted to approve the move and Maxim expects to close the transaction in January 2006.
The new company, to be called EpiCept Corporation, combines a late stage product portfolio of pain therapies, a planned cancer product registration filing in Europe for Maxim's Ceplene product candidate, and an early stage discovery program for apoptosis inducers and inhibitors designed to address areas of oncology and degenerative diseases.
Maxim will become a wholly-owned subsidiary of EpiCept, which is headquartered in New Jersey. EpiCept will issue shares of its common stock to Maxim stockholders in exchange for all of the outstanding shares of Maxim. This will result in EpiCept stockholders holding approximately 72%, and former Maxim stockholders holding approximately 28%, of the outstanding shares of EpiCept's common stock.