Commenting on the news GeneThera Chairman Dr. Tony Milici, M.D., Ph.D. stated, "We carefully evaluated Oxford Biomedica's present situation from a management, scientific and equity prospective. Based on our analysis, we decided to resubmit our previous rejected offer at a higher price per share. We strongly believe that GeneThera may indeed be in the position, by acquiring Oxford Biomedica, to bring substantial value both to the company's scientific platform and to its shareholders."
Milici continued, "GeneThera's DNA vaccine technology (PURIVAX(TM)) is a highly efficient system designed to greatly improve DNA vaccines application in clinic trials. Oxford Biomedica's renal cancer clinical trial (TROVAX) was recently halted because of its failure to improve survival rate in the patients enrolled in the trial. We believe that our PURIVAX(TM) technology would be a critical factor in getting the TROVAX clinical trial restarted and possibly successfully completed. I would like to also point out that the merging of the two companies would create a major player in the field of DNA cancer vaccines. The new company will also be in the position to meet the requirements for a listing on the AMEX or NASDAQ giving GeneThera and Oxford BioMedica shareholders a greater advantage when compared to the present situation."
GeneThera's offer to acquire the total number of Oxford Biomedica outstanding common shares is based on a price of 35 pence per share. This represents approximately 300% premium over the present value of Oxford Biomedica's share price (8.65p at closing as 8/14/2008).
ABOUT GENETHERA, INC.:
GeneThera, Inc. is a molecular biotechnology company located in Wheat Ridge, CO. The Company provides genetic diagnostic solutions for the veterinary and agricultural industries with future plans to include the health-care industry. The Company's proprietary diagnostic solution is based on a genetic expression system, GES, a protocol designed to function on a highly automated Fluorogenic PCR platform. This platform enables GeneThera to offer tests that are presently not available from other technologies. The GES is designed for a host of individual diseases, the current priority being Mad Cow disease, Chronic Wasting Disease, a disease affecting elk and deer in North America; E. Coli 0157:H7 and Johne's Disease, diseases affecting cattle worldwide.
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contacts:
GeneThera, Inc. Dr. Tony Milici 303-463-6371 http://www.genethera.net
JR Dopkin & Associates info@jrdopkin.com 516-884-3200
Source: GeneThera, Inc.
