This excerpt taken from the TPTX 8-K filed Jun 8, 2006.
pro forma combined company had more than $80 million in cash. The combined companys initial focus will be on migraine, chronic pain and Alzheimers disease (AD). The
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pipeline at closing will include eight product candidates, with two candidates for pain and six for AD. The companies anticipate several key milestones related to their product candidates during the next 12 months. Among these include the following:
The combined pipeline also includes Phenserine, Axonyxs lead compound for AD, which is in Phase III clinical development. The combined company plans to make Phenserine available to third parties for licensing.
This merger will create a premier biopharmaceutical company with development and discovery capabilities across the CNS spectrum, said Neil Kurtz, M.D., President and Chief Executive Officer of TorreyPines. This joining of two exciting and complementary pipelines under one roof, with substantial financial assets to support continued efforts toward commercialization, should be a win-win situation for the shareholders of both companies. This transaction truly brings together all of the necessary ingredients for a successful biopharmaceutical company: a notable pipeline of multiple product opportunities; proven clinical development and discovery capabilities to fuel ongoing product development; and strong financial resources. We plan to review all development opportunities with the goal of prioritizing the best opportunities while maintaining a reasonable burn rate.
This transaction meets one of Axonyxs key strategic business objectives: to grow and strengthen our company in the area of CNS, said Gosse B. Bruinsma, M.D., President and Chief Executive Officer of Axonyx. By combining with TorreyPines, our shareholders will benefit from a stronger company that remains wholly dedicated to becoming a leading biopharmaceutical company in the area of CNS. The merger with TorreyPines brings with it a broad pipeline that currently has multiple and complementary clinical programs underway in AD, as well as programs in migraine and
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chronic pain. TorreyPines management team has significant drug development expertise and their experience and infrastructure will, in my opinion, provide an excellent opportunity to continue to move our product candidates toward potential approval.
Products in or nearing clinical development will include: