IntelliPharmaCeutics Ltd., Vasogen deal
IntelliPharmaCeutics (IPC) will reverse-merge with Vasogen in a stock deal to create IntelliPharmaCeutics International Ltd. IPC's shareholders will own 86% of the combined company, and Vasogen's shareholders will own the remaining 14%. Current chairman and CEO of IPC, Isa Odidi, will become chairman of the newco.
The combined company primarily will focus on IPC's pipeline, including a formulation of oxycodone that uses its ReXista abuse- and alcohol-resistant drug delivery technology, which is expected to begin clinical trials by year end. Vasogen has been seeking strategic alternatives since 2008 after its lead, Celcade for chronic heart failure, was put on hold after FDA said it would not support the company's proposed statistical model for the Phase III trial. Celcade is an immune modulation therapy in which a sample of a patient's blood is first exposed to controlled oxidative stress to up-regulate production of anti-inflammatory cytokines and then re-administered to the patient intramuscularly. ...