The newly created biopharmaceutical company will trade under the name Infinity Pharmaceuticals and will have a lead product candidate in multiple phase I clinical trials, a second product candidate scheduled to enter the clinic in late 2006, a pipeline of proprietary small molecule preclinical candidates, and partnerships with Novartis, Johnson & Johnson and Amgen.
It is anticipated that, on a pro forma basis, cash and cash equivalents for the combined company as of March 31, 2006 would be in excess of $100 million. This will provide Infinity with sufficient funding to generate efficacy data on its lead program as well as continue to advance the remainder of Infinity’s current pipeline.
“With the financial resources provided by this transaction, Infinity will be well positioned to create substantial value for patients and stockholders,” said Steven Holtzman, chairman and CEO of Infinity. “The merger is a creative, time efficient, and cost effective means for Infinity to accelerate the discovery, development and delivery to patients of important new medicines.”