Definitive Agreement to Merge
On May 28, 2008, Sonus Pharmaceuticals, Inc. (NASDAQ: SNUS) and OncoGenex Technologies Inc., jointly announced the signing of a definitive agreement to merge the two companies. The combined company will operate as OncoGenex Pharmaceuticals, Inc. The proposed transaction received unanimous approval from the Boards of Directors of Sonus and OncoGenex, and is expected to be completed in the third quarter of 2008, subject to the satisfaction of certain conditions, including the approval of Sonus' and OncoGenex' shareholders and, in the case of OncoGenex, court approval under the arrangement provisions of the Canada Business Corporations Act. OncoGenex management believes that the completion of this SPA for OGX-011 will result in the release of 25% of the escrowed shares that will be issued to OncoGenex shareholders at the completion of the merger pursuant to the Escrow Agreement described in the Proxy Statement and related materials filed by Sonus with the SEC. A final determination of the satisfaction of the release conditions under the Escrow Agreement must be made by the Board of Directors of Sonus immediately following the merger.
This press release contains forward-looking statements, including
statements concerning clinical trial results and the proposed merger
between Sonus and OncoGenex. These statements are based on management's
current expectations and beliefs and are subject to a number of risks,
uncertainties and assumptions that could cause actual results to differ
materially from those described in the forward-looking statements. All
|SOURCE OncoGenex Technologies Inc.|
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