RINGWOOD, N.J., Aug. 25, 2011 /PRNewswire/ -- SyntheMed, Inc. (OTC Bulletin Board: SYMD; Pink Sheets: SYMD) announced that its stockholders approved the planned merger with Pathfinder, LLC at SyntheMed's special meeting of stockholders held today. In excess of 99% of the votes cast were voted in favor of the merger. The proposed merger with Pathfinder was previously announced and is described in detail in SyntheMed's definitive proxy statement filed with the Securities and Exchange Commission on July 26, 2011. The merger has been approved by Pathfinder's members and is expected to close in the next ten days, subject to satisfaction or waiver of customary and other closing conditions.
Dr. Richard Franklin, M.D., Ph.D., SyntheMed's Executive Chairman, and CEO and President of Pathfinder, commented, "I am pleased at the support shown by SyntheMed's stockholders. Pathfinder has great potential, and I look forward to closing the merger and beginning a new direction for the Company."
Pathfinder is developing a novel cell-based therapy with the potential to revolutionize the treatment of diabetes, renal disease, myocardial infarction, and other diseases characterized by organ-specific cell damage. Leveraging its internal discovery of Pathfinder Cells ("PCs") and a proprietary means of isolating these cells from surrounding tissue, Pathfinder is pioneering a new field in regenerative medicine. PCs are a newly identified mammalian cell type present in very low quantities in a variety of different organs, including the kidney, liver, pancreas, lymph nodes, myometrium, bone marrow and blood.
Early studies indicate that PCs stimulate regeneration of damaged tissues without the cells themselves being incorporated into the new
|SOURCE SyntheMed, Inc.|
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