Cambridge Biotech Corp. cancer, infectious diseases/aids news
A U.S. District Court in Massachusetts upheld the company's reorganization plan and dismissed an appeal filed by Institut Pasteur and Pasteur Sanofi Diagnostics (see BioCentury Aug. 26 and Aug. 5). Pasteur has filed a a new appeal with the First Circuit Court of Appeals, but CBCXQ said it would not prevent the reorganization from proceeding unless a stay of the District Court order is granted.
Under the plan, a new company called Aquila Biopharmaceuticals Inc. would be established to develop CBCXQ's therapeutics business. Aquila, which will be a public company, initially will be capitalized with 5 million shares. CBCXQ shareholders will receive 3.25 million shares of Aquila, or 1 Aquila share for 8 CBCXQ shares owned. Another 1.25 million Aquila shares will go to the shareholders in a class action lawsuit against the company. ...