MONTVALE, N.J., July 24 /PRNewswire-FirstCall/ -- Alteon Inc. announces that the reverse stock split of its common stock and name change will be in effect from Wednesday, July 25, 2007.
The Company will affect a reverse stock split of its common stock at a ratio of 1:50 to be effective on July 25, 2007. In addition, on the same day a change in the name of the Company to Synvista Therapeutics, Inc. will become effective and the common stock will trade on the American Stock Exchange under the ticker symbol SYI.
Alteon is a biopharmaceutical company developing small molecule drugs to treat and prevent cardiovascular disease and to treat nephropathy in people with diabetes. The Company has identified several product candidates that it believes represent novel approaches to some of the largest pharmaceutical markets. The Company's portfolio includes orally bioavailable, organoselenium mimics of glutathione peroxidase. These compounds metabolize lipid peroxides and have the potential to limit myocardial damage subsequent to a myocardial infarction. Alteon's lead compound for that program, ALT-2074, is in Phase 2 clinical trials. The Company also has rights to the use of haptoglobin characterization. The Company is developing a clinical diagnostic test that can be used to identify patients at high risk for cardiovascular complications of diabetes and other diseases.
Alteon also is developing alagebrium, a proposed breaker of Advanced Glycation End-Products (A.G.E.s), for the treatment of diastolic heart failure. This disease represents a rapidly growing market of unmet medical need, particularly common among diabetic patients. Alagebrium has demonstrated relevant clinical activity in two Phase 2 clinical trials in heart failure, as well as in animal models of heart failure and nephropathy, among others. Alagebrium has been tested in approximately 1,000 patients in multiple Phase 1 and Phase 2 clinical trials, allowing Alteon to assemble a sizeable human safety database.
For more detailed information about Alteon's research and development, please visit Alteon's website at http://www.alteon.com.
Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties including, but not limited to, the risks associated with the events described in this press release, future clinical development of Alteon's product candidates, and other risks identified in Alteon's filings with the Securities and Exchange Commission. Further information on risks faced by Alteon are detailed under the caption "Risk Factors" in Alteon's Annual Report on Form 10-K for the year ended December 31, 2006. These filings are available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov. The information contained in this press release is accurate as of the date indicated. Actual results, events or performance may differ materially. Alteon undertakes no obligation to publicly release the result of any revision to these forward- looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CONTACT: Alteon Inc., +1-201-934-5000, email@example.com; or InvestorRelations, Emmanuelle Ferrer, firstname.lastname@example.org, or Kim Sutton Golodetz,email@example.com, of Lippert-Heilshorn & Associates, Inc.,+1-212-838-3777