Adds Pipeline of Oncology Products Including Novel Nucleoside Analogue; New
CEO and Directors Appointed
NEW YORK, April 23 /PRNewswire-FirstCall/ -- MacroChem Corporation (OTC Bulletin Board: MACM) announced today that on April 18, 2008 it acquired Virium Pharmaceuticals Inc., a non-public, development stage company developing and commercializing novel therapeutics, with a portfolio of clinical stage product candidates focused in oncology, including its next generation nucleoside analogue licensed from the Southern Research Institute. Virium has a pipeline of oncology products that target a variety of niche cancer indications. MacroChem issued approximately 23 million shares of common stock to Virium shareholders in this acquisition. In connection with the acquisition, Dr. James Pachence, Virium's President and CEO has been appointed Chief Executive Officer of the combined Company and David P. Luci, Esq. has been named President & Chief Business Officer.
Mr. Robert DeLuccia, the combined company's Chairman stated, "This is a bold and proactive strategic move for MacroChem as the combined company will benefit from Virium's pipeline of product candidates which target certain niche cancer indications and have already been tested in Phase I / II clinical trials." He further stated, "We are very pleased to add Dr. Pachence to the management team, as we believe his drug development expertise and experience specific to the Virium assets will add substantially to MacroChem's internal capabilities."
Dr. Pachence stated, "I am delighted to be joining MacroChem and contributing to a new collaborative effort of highly respected pharmaceutical executives. I have every confidence we have the capability to create value for our stockholders as we determine our strategic priorities and set our development objectives in motion."
In accordance with the terms of the merger, Drs. John Zabriskie and
Michael Davis and Messrs. Peter
|SOURCE MacroChem Corporation|
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