CytRx, Zynaxis deal

The companies agreed to merge ZNXS with CYTR's Vaxcel Inc. subsidiary. The combined company, which will be publicly traded, will include Vaxcel's Optivax adjuvant to enhance the effectiveness of injectable vaccines, and ZNXS's technology for improving oral and mucosal vaccine delivery.

CYTR will own 87 percent of Vaxcel (Atlanta, Ga.) after the merger. Paul Wilson, Vaxcel president and CEO, will run the combined entity, which will have 9 million shares outstanding. ...