Neurex adds a late-stage product

Neurex Corp. was to announce today the acquisition of Creagen, a Boston-based company developing the thrombolytic agent Pro-Urokinase and Walk Through Mutagenesis technology for protein engineering.
NXCO will issue 1.95 million shares of common stock in exchange for all of the shares outstanding of Creagen, giving Creagen shareholders a 16 percent stake in the Menlo Park, Calif., company. Prior to the deal, NXCO has 10.3 million shares outstanding. The stock closed at $4.375 on Friday.
The deal accomplishes two interrelated goals for NXCO. It obtains a second late-stage product behind its lead compound, Corlopam (fenoldopam), which was in-licensed to treat accelerated hypertension