Avexa Limited Announces Release of the Independent Expert Report

MELBOURNE, Australia--(BUSINESS WIRE)--Avexa Limited (ASX:AVX) today released the Independent Expert’s Report prepared by Lonergan Edwards & Associates Limited. The report was commissioned for the purposes of Avexa shareholders’ assessment of the proposed merger of Avexa and Progen Pharmaceuticals Limited (ASX:PGL) (NASDAQ:PGLA). As part of the report, the Independent Expert valued the company as a whole both pre and post merger, including an estimate of the commercial value of apricitabine (ATC), and assessed the impact on shareholders of Avexa’s various options for advancing ATC through its Phase III trial. On the basis of the findings in the Independent Expert Report, the Board of Directors of Avexa reiterates its unanimous support for the Merger.