BioCentury
ARTICLE | Company News

AdProTech, Inflazyme, Avant deal

April 12, 2004 7:00 AM UTC

IZP will acquire Adprotech in a stock deal worth about C$20 million (US$15.2 million). IZP will issue 12.7 million shares at about C$1.59, based on IZP's 15-day closing average prior to the deal. The deal provides IZP with an inflammation technology platform in complement inhibition, and Adprotech's Prodaptin drug targeting system. The deal also includes Adprotech's APT070, a genetically modified fragment of an anti- CD35 antibody that is in Phase I/II studies to treat rheumatoid arthritis (RA) and to prevent delayed graft function in solid organ transplantation.

On closing, Adprotech shareholders will hold about 12% of IZP's outstanding shares. Adprotech was a spin-out of SmithKline Beecham, now GlaxoSmithKline (LSE:GSK;GSK, London, U.K.). As of March 31, Adprotech had about C$7 million (US$5.3 million) in cash. At year end, IZP had about C$32 million (US$24.4 million) in cash and about 93.5 million shares outstanding. ...