Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Shareholders of both biotech anti-infectives developer VI Technologies and next-generation antivirals developer Panacos have approved the merger between the two companies in separate special shareholder meetings.
Subscribe to our email newsletter
The VI Technologies (Vitex) shareholders also approved all other resolutions related to the merger, including the issuance of shares and warrants as part of a $20 million private placement transaction led by Great Point Partners.
Under the terms of the merger, Vitex will issue approximately 227.5 million shares to acquire all outstanding shares of Panacos.
“We are pleased that the shareholders of both Vitex and Panacos have approved the combination of the two companies,” said Skip Ackerman, currently chairman of Vitex. “We look forward to closing the merger and creating what we believe will be an exciting anti-infectives company led by PA-457, a novel HIV therapeutic currently in phase II clinical trials.”
Dr Ackerman is currently chairman and acting CEO of Panacos and chairman of Vitex. Following the closing of the merger, he will be chairman and CEO of the combined company.