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news.Dynogen Pharmaceuticals has entered into a mutual agreement with Apex Bioventures Acquisition to terminate the merger agreement they signed on February 5, 2008, pursuant to which Dynogen would have merged with a subsidiary of Apex Bioventures.
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The company and Apex Bioventures determined that, due to current market conditions, particularly for small capitalization public biotech companies’s, terminating the merger agreement was in the best interests of both companies and their respective shareholders.
Lee Brettman, Dynogen’s CEO, said: “We continue to advance our pipeline of promising drug candidates, and we expect to complete the Phase IIb clinical trial of DDP733 as a treatment for IBS-c and initiate a Phase IIb clinical trial of DDP225 as a treatment for IBS-d before the end of this year. On the business side, we will continue to explore financing alternatives that will provide the capital to advance our clinical programs and maximize shareholder value.”