BUFFALO, N.Y., Jan. 4, 2013 /PRNewswire/ --Kinex Pharmaceuticals today announced that it has converted the company from a Limited Liability Corporation into a C-Corporation, a planned strategic step to help drive future growth.
"Converting to a C-Corporation structure provides additional opportunity to access capital markets and funding sources not typically afforded under LLC structure and is the next logical phase in the evolution of the Company. It positions Kinex to maximize value for our share and stakeholders," said Flint Besecker, Chairman of the Audit and Finance committee. Mr. Besecker has held a number of nationwide executive positions in the healthcare and financial industry, including Care Investment Trust, CIT Healthcare, GE Healthcare Financial Services, Heller Healthcare Finance and Healthcare Financial Partners.
Jean-Pierre Sommadossi, PhD, board member and co-founder of Pharmasset and founder and former Chairman and CEO of Idenix, added, "Kinex's pipeline continues to expand and advance clinically. This new structure will allow Kinex to explore various strategic options as we move our programs forward. This conversion also addresses the needs of shareholders as well as current and future partners."
About Kinex Pharmaceuticals, LLC
Kinex Pharmaceuticals, headquartered in Buffalo, New York, USA, is using its proprietary technologies Mimetica and Opal to discover and develop novel drugs for oncology and immune-modulatory diseases. More information of Kinex Pharmaceuticals can be found at www.kinexpharma.com
Vice President, Business Development and Investor Relations
701 Ellicott Street
Buffalo, NY 14203
SOURCE Kinex Pharmaceuticals