Proteus International, Therapeutic Antibodies deal
The companies agreed to a merger under which each TAB shareholder will receive 1.163 shares of PTI for each TAB share. As a result, PTI will issue up to 60.5 million new shares, resulting in 71.2 million shares outstanding. PTI shareholders will own 55 percent of the combined company, which will be renamed, and TAB shareholders will own 45 percent.
PTI uses its Prometheus computer-aided molecular design technology to produce drug leads, and has an angiostatin immunotherapeutic vaccine in Phase I trials to treat hypertension. TAB is conducting a Phase I trial of its TriTAb polyclonal antibody to offset the toxic effects of tricyclic antidepressants, and is enrolling patients in a Phase I/II study to treat Crohn's disease with its CytoTAb polyclonal antibody. ...