Apex Bioventures and Dynogen sign definitive merger agreement

Under the terms of the agreement, Dynogen will become a public company through a merger with a subsidiary of Apex Bioventures. As part of the agreement, Dynogen shareholders will initially receive approximately $98 million in Apex Bioventures stock.

The combined entity is expected to have up to $65 million in cash at the closing to finance Dynogen’s late-stage clinical trials and product development activities, and for general corporate purposes. Lee Brettman, president and CEO of Dynogen, will be the president and CEO of the combined company, which will operate out of Dynogen’s current headquarters.

Lee Brettman, president and CEO of Dynogen, said: “At the close, the merger is expected to bring us sufficient capital to carry the company through 2009 and, more importantly, the completion of multiple key, value-driving Phase IIb clinical trials for products which we believe have billion-dollar potential.”