SOMERSET, N.J., March 6 /PRNewswire-FirstCall/ -- DOV Pharmaceutical, Inc. (“DOV” or the “Company”) announced today that it is extending until 5:00 p.m., New York City time, on March 7, 2007, unless further extended, the expiration of its exchange offer for all of its 2.50% Convertible Subordinated Debentures due 2025 (the “Exchange Offer”) to provide additional time for holders to tender their Debentures in the Exchange Offer. DOV is offering to exchange (i) a payment in cash of $212.50 plus 8 shares of new series C convertible preferred stock of the Company, or (ii) a payment in cash of $212.50 plus 8 shares of new series D convertible preferred stock of the Company, for each $1,000 in principal amount of its Debentures. The Exchange Offer was initially scheduled to expire at 5:00 p.m., New York City time, on March 5, 2007.
As of March 5, 2007, Wells Fargo Bank, N.A., the exchange agent for the Exchange Offer, advised the Company that approximately $67.5 million, or 96.4%, of the outstanding principal amount of Debentures had been validly tendered and not withdrawn.
The Exchange Offer remains subject to the terms and conditions set forth in the Offer to Exchange, dated January 29, 2007, and the related Exchange Offer materials, each as amended to the date hereof, including the condition that at least 99% in aggregate principal amount of the Debentures are tendered in the Exchange Offer. Other than the extension of the expiration date of the Exchange Offer, all other terms and conditions of the Exchange Offer set forth in such Offer to Exchange and related Exchange Offer materials, each as amended, remain in full force and effect.
Requests for assistance in connection with the tender of Debentures pursuant to the Exchange Offer may be directed to Wells Fargo Bank, N.A. at (612) 667-9764.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
Written materials explaining the full terms and conditions of the Exchange Offer are available free of charge at the Securities and Exchange Commission’s website -- www.sec.gov. In addition, DOV will provide copies of these documents free of charge to holders of its outstanding Debentures upon request to Investor Relations (732-907-3640).
About DOV
DOV is a biopharmaceutical company focused on the discovery, acquisition and development of novel drug candidates for central nervous system disorders. The Company’s product candidates address some of the largest pharmaceutical markets in the world including depression, pain and insomnia.
DOV Pharmaceutical, Inc.
CONTACT: DOV Pharmaceutical, Inc., Investor Relations and CorporateCommunications, +1-732-907-3640
Web site: http://www.dovpharm.com/
