Under terms of the agreement, AlgoRx stockholders own approximately 62% of the combined company on a pro forma basis and Corgentech stockholders own approximately 38%. The completion of the merger brings to an end the process which was first announced in September 2005.
“We expect to have four products in clinical trials in 2006, the most advanced for which we expect to file a new drug application during the year,” stated John McLaughlin, CEO of Corgentech.
The company’s most advanced product candidate is ALGRX 3268 which has had positive, statistically significant results in two phase III trials. The company expects to file the new drug application for the drug during 2006 for the reduction of pain associated with venipunctures and intravenous line placements.