The full Montigen

After five years of asset accumulation, Astex Pharmaceuticals Inc. (NASDAQ:ASTX) has decided it has more than a full plate, including a pair of cancer drug discovery platforms, a drug on the market and eight compounds in the clinic. To help compartmentalize, Astex has opted to spin out one of the platforms and two clinical compounds into hematology play Montigen Pharmaceuticals Inc.

Montigen plans to reverse-merge with an OTC-listed shell company and is on a two-week road show targeting a $12-$18 million PIPE. Rodman & Renshaw is managing both the reverse merger and the offering...