ImaRx Therapeutics and Microbix Biosystems Terminate Letter of Intent for Sale of Urokinase
June 11 2008 - 7:30AM
PR Newswire (US)
ImaRx to Identify Alternative Strategies to Maximize Shareholder
Value TUCSON, Ariz., June 11 /PRNewswire-FirstCall/ -- ImaRx
Therapeutics, Inc. (NASDAQ:IMRX) today announced that it has agreed
with Microbix Biosystems (TSX: MBX) to terminate the previously
announced non-binding letter of intent in which Microbix Biosystems
offered to acquire ImaRx's urokinase inventory and related assets
from ImaRx for $17 million in cash. Two recent events prompted this
decision: -- Microbix has been unable to raise the funds required
to close the intended transaction; and -- ImaRx received the
previously announced "approvable" letter from the FDA on May 13,
2008, indicating that additional testing would be required for
approval of ImaRx's urokinase stability testing program and release
of labeled vials of urokinase. As a result of these events, the two
companies have agreed to terminate the letter of intent relating to
the sale of ImaRx's urokinase business, including those relating to
exclusivity and break-up fees. The Company intends to complete
additional urokinase stability testing and submit the data to the
FDA within the next 90 days. If the data are sufficient for the FDA
to approve a lot release, the Company may be in a position to begin
sales of its labeled vials of urokinase with extended expiration
dating in the fourth quarter of this year. Release of future lots
with expiration dating beyond the currently labeled vials will be
contingent upon FDA approval of the stability testing program and
FDA acceptance of the testing results. Even if the stability
testing program is accepted and the testing results are favorable,
it is uncertain whether or to what extent the FDA might approve
extended expiration dating for ImaRx's inventory of unlabeled
urokinase vials. Following a comprehensive review and consideration
of these recent events, the Company's cash position, commercial and
development programs as well as external market conditions, ImaRx's
Board of Directors and management have determined that it is in the
best interests of the Company to identify and evaluate alternative
strategies to maximize shareholder value. The Company intends to
explore strategic alternatives for its commercial urokinase assets,
clinical-stage SonoLysis program as well as its other company
assets. Concurrent with this strategy, ImaRx will immediately
reduce its workforce in order to preserve additional cash. Bradford
Zakes, the Company's President and CEO, will continue in his role
and other key employees will be retained as consultants to support
the strategic process. Mr. Zakes stated, "While these recent events
are disappointing, we believe there is significant value in our
urokinase business, SonoLysis program and other assets. Steps are
being taken to conserve cash while we identify, evaluate and pursue
alternative strategies to maximize shareholder value." About ImaRx
Therapeutics ImaRx Therapeutics is a biopharmaceutical company
focused on the commercialization and development therapies for
vascular disorders. The Company's commercialization efforts are
currently focused on its product, urokinase for the treatment of
acute massive pulmonary embolism. The Company's research and
development efforts are focused on therapies for stroke and other
vascular disorders using its proprietary microbubble technology.
Cautionary Statement For The Purpose Of The "Safe Harbor"
Provisions Of The Private Securities Litigation Reform Act of 1995
Statements made in this press release, which are not historical in
nature, constitute forward-looking statements for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. Such forward looking statements include the Company's
intention to complete additional urokinase stability testing and
submit the data to the FDA within the next 90 days; the Company may
be in a position to begin sales of its labeled vials of urokinase
with extended expiration dating in the fourth quarter of this year;
and its efforts evaluate alternative strategies to maximize
shareholder value. These forward-looking statements represent
ImaRx's judgment as of the date of this press release, and are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in the forward-looking
statements. Such risks and uncertainties include the following: the
FDA may not release the lots of urokinase for commercialization;
the Company may not successfully identify any strategic options
before running out of cash; such strategic options if identified
may not be successful and hence shareholder value may not be
enhanced. Additional risks and uncertainties related to ImaRx can
be found in its filings with the U.S. Securities and Exchange
Commission. This press release is as of June 11, 2008 and the
Company disclaims any intent or obligation to update these
forward-looking statements. Contacts ImaRx Therapeutics The Ruth
Group (investors/media) Sara Ephraim/Jason Rando DATASOURCE: ImaRx
Therapeutics, Inc. CONTACT: Investors, Sara Ephraim, , or Media,
Jason Rando, , both of The Ruth Group, for ImaRx Therapeutics, Inc.
Copyright
Immuneering (NASDAQ:IMRX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Immuneering (NASDAQ:IMRX)
Historical Stock Chart
From Jul 2023 to Jul 2024