including preparation for the start of Phase 2 clinical trials for its
lead product RAV12 as well as the advancement of two IND candidates.
-- The Companies have established transition and integration plans and
teams as they relate to information technology, human resource
policies, financial systems and reporting and Sarbanes-Oxley
-- A number of VaxGen scientists are now working on Raven projects under
arms-length contractual arrangements. These arrangements serve to
advance critical R&D projects and are expected to facilitate the post-
close integration process.
-- The companies have determined that dedicating the use of the VaxGen
manufacturing facility to the Raven pipeline over the next two to
three years is not the most economically attractive option, and
therefore divestment or partnering of the facility is being actively
"Our goal for the merged company is to focus on advancing our pipeline of monoclonal antibodies directed against cancer stem cells, and these actions will allow us to do this in what we believe will be the most cost-effective manner possible," said George F. Schreiner, M.D., Ph.D., Raven's Chief Executive Officer. "We are confident that this merger will provide value to investors and, subject to a positive stockholder vote and satisfaction of the closing conditions, we look forward to combining our two companies."
VaxGen is a biopharmaceutical company based in South San Francisco, California. The company owns a state-of-the-art biopharmaceutical manufacturing facility with a 1,000-liter bioreactor that can be used to make cell culture or microbial biologic products. For more information, please visit the company's web site at http://www.vaxgen.com.
|SOURCE VaxGen Inc.|
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