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ChemGenex restructures to focus attention on late-stage cancer portfolio
November 2007
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MELBOURNE, Australia—ChemGenex Pharmaceuticals Ltd. has announced a strategic restructuring of the business that will allow the company to focus its resources on the advancement of its clinical-stage cancer portfolio, particularly its lead product, omacetaxine mepesuccinate (formerly known as Ceflatonin) which is currently in phase II/III clinical trials for the treatment of chronic myeloid leukemia. As part of the restructuring, the company will demerge its metabolic disease assets by early December, pending shareholder approval.
ChemGenex's metabolic disease assets currently reside within the company's wholly owned subsidiary Autogen Research, which is to be renamed Verva Pharmaceuticals. Pending shareholder approval at the annual general meeting, scheduled to take place in Melbourne on Nov. 28, Verva Pharmaceuticals will be demerged from ChemGenex. Verva Pharmaceuticals then intends to merge with Adipogen Pharmaceuticals, pursuant to a merger implementation agreement signed recently.
ChemGenex shareholders would receive one share in Verva Pharmaceuticals for every five ChemGenex Pharmaceuticals shares held at the record date. In accordance with ASX listing rules and the option agreements, existing ChemGenex option holders will not be allocated shares in Verva Pharmaceuticals unless options are exercized prior to the record date.
Current investors in Adipogen Pharmaceuticals, including the Queensland BioCapital Fund, GBS Venture Partners and UniSeed, have agreed to participate as cornerstone investors in the newly merged entity subject to completion of the proposed merger. Following a capital raising, Verva Pharmaceuticals will seek to list on the ASX in early 2008.
 

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