INEX Pharmaceuticals Announces Expected Completion Date for Spin-out of Tekmira Pharmaceuticals Corporation
VANCOUVER, April 26 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that it expects the closing of the spin-out of Tekmira Pharmaceuticals Corporation ("Tekmira") to occur at the close of business on April 30, 2007. Tekmira shares are expected to begin trading on the Toronto Stock Exchange ("TSX") on May 1, 2007 under the symbol "TKM" and INEX shares will be de-listed from trading on the TSX. Immediately before the spin-out of Tekmira, INEX common shares will be consolidated on the basis of two current common shares for one new common share.
INEX has mailed a letter of transmittal to all registered INEX shareholders which will provide for the exchange of currently outstanding INEX common shares for shares of Tekmira. INEX shareholders are required to deposit with Tekmira's share transfer agent the certificate representing their current holdings of INEX shares and the letter of transmittal, properly completed and signed, in order to obtain common shares of Tekmira and INEX. One Tekmira common share will be issued for each post-consolidation INEX common share.
As part of the completion of the spin-out of Tekmira, INEX will also close a $5.3 million convertible debenture financing. Upon conversion of the debentures, the holders of the convertible debentures will, in the aggregate, hold 100% of the non-voting shares in INEX and 80% of the equity of INEX, and holders of INEX common shares will own 20% of the equity of INEX. The proceeds of the convertible debenture financing will be paid to the previous holders of INEX's convertible debt as required under the terms of a Note Purchase and Settlement Agreement announced June 20, 2006.
Additional information on the Tekmira spin-out can be found in INEX's information circular dated August 18, 2006 and filed on www.sedar.com.
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX and this news release can be found at www.inexpharm.com.
Forward Looking Statements
There are forward-looking statements and information contained herein that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects," and similar expressions, and the negative of such expressions. Such forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements and information. Such factors include, among others, INEX's stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX's products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or information contained herein to reflect future results, events or developments, except as required by law.
INEX's common shares are traded on the Toronto Stock Exchange under the
trading symbol "IEX".
CONTACT: Investors: Ian Mortimer, Senior Vice President, Finance and Chief Financial Officer, Phone: (604) 419-3200; Media: Nicole Rizgalla, James Hoggan & Associates Inc., Phone: (604) 742-4268, Email: email@example.comInex Pharmaceuticals Corporation
CONTACT: Investors: Ian Mortimer, Senior Vice President, Finance and ChiefFinancial Officer, Phone: (604) 419-3200; Media: Nicole Rizgalla, JamesHoggan & Associates Inc., Phone: (604) 742-4268, Email:firstname.lastname@example.org