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news.Cellegy Pharmaceuticals has entered into a definitive merger agreement providing for the acquisition of Cellegy by Adamis Pharmaceuticals.
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The transaction was unanimously approved by the boards of directors of both companies and is anticipated to close during the second or third quarter of 2008, subject to other customary closing conditions.The combined company expects to continue to be publicly traded after completion of the merger, although under a different corporate name.
In connection with the signing of the merger agreement, Cellegy also provided a loan to Adamis in the amount of $500,000 to provide additional funds to Adamis during the pendency of the merger transaction. Adamis’s CEO, Dennis Carlo, is expected to become the CEO of the combined company.
Mr. Williams, CEO of Cellegy, said: “The merger of Cellegy and Adamis will create a new specialty pharmaceutical company focused on the development and commercialization of therapeutic products for a variety of viral diseases, including influenza.”