Euthymics Bioscience, Inc. Announces Letter of Intent for Acquisition of DOV Pharmaceutical
Published: Feb 12, 2010
SAN DIEGO, Feb. 12 /PRNewswire/ -- Euthymics Bioscience, Inc., a privately held Delaware corporation, today announced that it has signed a non-binding Letter of Intent (LOI) to merge into and acquire DOV Pharmaceutical, Inc. (DOV), a Delaware corporation currently traded on the Pink Sheets (Pink Sheets: DOVP), for $2.0 million in cash plus payment of certain of DOV's expenses. DOV believes that the contemplated $2.0 million cash payment to shareholders represents approximately $0.015 per share of DOV common stock. If the transaction is consummated, it is anticipated that DOV will be renamed Euthymics Bioscience, Inc.