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news.Inovio Biomedical and VGX Pharmaceuticals have signed a definitive merger agreement, which provides for the issuance of Inovio Biomedical securities in exchange for all of the outstanding securities of VGX Pharmaceuticals.
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The parties expect to complete the merger in the fourth quarter of 2008, however, the actual timing of the transaction will depend on a number of factors, some of which are beyond either company’s control. Upon closing, Inovio Biomedical will change its name to VGX Pharmaceuticals.
The combined company is expected to be led by Joseph Kim as president, CEO and a director, with Avtar Dhillon serving as a consultant and a director. The remainder of the combined company’s board is expected to consist of two directors from each of Inovio’s and VGX’s current board of directors.
David Weiner is expected to be chairman of the scientific advisory board, drawing from the wide array of scientific resources currently available to both companies. The merger agreement provides for a post-combination management team integrated from both parties’ current management.
The combined company’s headquarters are anticipated to be located in Blue Bell, Pennsylvania, along with its DNA vaccine research and development efforts, while maintaining a San Diego, California operation focused on electroporation R&D and engineering. In addition, the combined company would continue existing research operations in the Woodlands, Texas, and Oslo, Norway.