SOUTH SAN FRANCISCO, Calif.
, Nov. 1, 2010
/PRNewswire-FirstCall/ -- diaDexus, Inc. (OTC Bulletin Board: DDXS), a diagnostics company focused on the development and commercialization of patent-protected in vitro
diagnostic products addressing unmet needs in cardiovascular disease, today announced that the company, formerly known as VaxGen, Inc. and traded on the OTC Bulletin Board under the ticker symbol (VXGN), has been renamed diaDexus, Inc. diaDexus' common stock will continue to trade on the OTC Bulletin Board under a new ticker symbol, DDXS. The name change was approved by the diaDexus Board of Directors following a reverse merger transaction completed on July 28, 2010
between the former diaDexus, Inc., a privately held company, and VaxGen, Inc.
diaDexus plans to host a webcast after the filing of its Form 10-Q for the third quarter of 2010. An announcement of the time and date of the webcast and access details will be made about a week prior to the webcast. In the webcast, Patrick Plewman, the company's President & Chief Executive Officer, and David Foster, the company's Chief Financial Officer, will provide a corporate overview and discuss the company's third quarter 2010 financial results.
Patrick Plewman commented, "The merged company combines the cash resources of VaxGen with diaDexus' commercial diagnostics business and offers exciting growth prospects. We look forward to connecting with current shareholders and potential investors to share our vision and strategy."
The change in the company's name will not affect the validity or transferability of any existing stock certificates that bear the VaxGen, Inc. name. Stockholders may continue to hold these certificates. No action is required by stockholders at this time.
About diaDexus, Inc.
diaDexus, Inc., based in South San Francisco, California, is focused on the development and commercialization of patent-protected in vitro diagnostic products addressing unmet needs in cardiovascular disease. The company's PLAC ELISA Test for Lp-PLA2 is the only blood test cleared by the FDA to aid in assessing risk for both coronary heart disease (CHD) and ischemic stroke associated with atherosclerosis, the #1 and #3 causes of death, respectively, in the United States. For more information, please visit the company's website at www.diaDexus.com
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations and intentions with respect to future operations and products and other statements that are not historical in nature, particularly those that use terminology such as "will," "potential", "prospects," "could," "can," "believe," "intends," "continue," "plans," "expects," "estimates" or comparable terminology. Forward-looking statements are based on current expectations and assumptions, and entail various known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to diaDexus that could cause actual results to differ materially from those expressed in such forward-looking statements include risks related to general business and economic conditions; the failure to realize the anticipated benefits from the company's acquisition of the former diaDexus, Inc.; the technical and commercial merits and potential of the company's diagnostic products; and the difficulty of developing pharmaceutical and diagnostic products, obtaining and maintaining regulatory and other approvals and achieving market acceptance. Additional factors that could cause diaDexus' results to differ materially from those described in the forward-looking statements can be found in diaDexus' most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission, and available at the SEC's web site at www.sec.gov. The information set forth herein speaks only as of the date hereof, and diaDexus disclaims any intention and does not assume any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
SOURCE diaDexus, Inc.