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news.Inex Pharmaceuticals has completed the spin-out of its biotech arm Tekmira and new common shares of Tekmira have begun trading on the Toronto Stock Exchange.
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Inex will be seeking opportunities outside the pharmaceutical industry under new management, according to the company. As part of the spin-out, Inex common shares were consolidated on the basis of two current common shares for one new common share. One Tekmira common share will be issued for each post-consolidation Inex common share.
Tim Ruane, president and CEO of Tekmira, said: “We believe our progress over the past 12 months has demonstrated that together with our partners we are developing drugs on the leading edge of exciting new treatments for cancer and other diseases.”
Three products using Tekmira’s proprietary technology are now in human clinical trials and Tekmira expects as many as eight products could be in clinical trials in 2008.