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Viventia Biotech Inc. (VBI.TO) Announces Voting Results Of The Shareholders Meeting And The Vlosing Of Transaction To Become A Private Company



12/27/2005 12:46:19 PM

TORONTO, Dec. 23 /PRNewswire-FirstCall/ - Viventia Biotech Inc. today announced that its shareholders approved, by a special resolution, the amalgamation of Viventia Biotech Inc. ("Viventia") with a newly- incorporated private company wholly-owned by Mr. Leslie Dan, Ms. Andrea Dan- Hytman and their affiliates (collectively, the "Dan Group"), subject to the satisfaction of certain conditions (the "Amalgamation"). The vote was passed with the approval of over 90% of shareholders. The closing of the transaction contemplating the Amalgamation took place following the shareholders meeting. The Amalgamation will be effective December 28, 2005. Following the Amalgamation, all common shares of Viventia will be de-listed from the Toronto Stock Exchange and all holders of common shares of Viventia, other than the Dan Group, as well as these shareholders who have properly exercised a right of dissent, will be entitled to receive $2.50 per share. Following the Amalgamation, Viventia will apply to cease to be a reporting issuer in Alberta, British Columbia, Manitoba and Ontario.

About Viventia Biotech:

Viventia Biotech Inc. is a biopharmaceutical company developing Armed Antibodies(TM), powerful and precise anti-cancer drugs designed to overcome various forms of cancer. Viventia's lead products, Proxinium(TM) and Vicinium(TM), combine a cytotoxic protein payload significantly more powerful than traditional chemotherapies with the highly precise tumour-targeting characteristics of a monoclonal antibody. Proxinium(TM) is entering Phase II clinical trials for the treatment of head and neck cancer, and Vicinium(TM) is currently enrolling patients in a Phase I/II clinical trial for the treatment of bladder cancer.

This press release contains forward-looking statements, which are subject to risks and uncertainties inherent to the process of developing and commercializing human therapeutic products. Actual results could differ materially from those projected in this release. Certain statements included in this press release constitute forward looking statements. When used in this press release, the words "anticipate", "believe", "plan", "estimate", "expect", "intend", "will", "may", "should" and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These forward-looking statements are not historical facts but reflect our current expectations concerning future results and events. These statements include, without limitation, statements with respect to the clinical and developmental timelines associated with Proxinium(TM).

The Toronto Stock Exchange has neither approved nor disapproved the

information contained herein.

Viventia Biotech Inc.

CONTACT: James Smith, Tel. (416) 815-0700 x 229, Fax. (416) 815-0080,Email: jsmith@viventia.com


Read at BioSpace.com


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