Navigation Links
VaxGen and diaDexus Complete Merger
Date:7/28/2010

SOUTH SAN FRANCISCO, Calif., July 28 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN) announced today the completion of its merger transaction with diaDexus, Inc., a diagnostics company focused on the development and commercialization of patent-protected in vitro diagnostic products addressing unmet needs in cardiovascular disease.  

(Logo:  http://photos.prnewswire.com/prnh/19991112/VAXGENLOGO)

(Logo:  http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

As consideration in the transaction, VaxGen issued approximately 19,960,534 shares to certain diaDexus stockholders and officers. As a result, VaxGen now has 53,067,057 shares of common stock issued and outstanding, of which pre-transaction diaDexus stockholders and officers own approximately 38% and pre-transaction VaxGen stockholders continue to own approximately 62%. diaDexus, LLC (as the successor entity to diaDexus, Inc. in the transaction) will operate as a wholly-owned subsidiary of VaxGen.

"The Board of Directors and I are very pleased to announce the completion of this transaction," said Patrick Plewman, the new President and Chief Executive Officer of VaxGen. "We believe the company has the opportunity for strong revenue growth based on the potential of the PLAC Test and on the cash assets that are being combined in this merger. The PLAC ELISA Test for Lp-PLA2 is the only blood test cleared by the FDA to assess risk for coronary heart disease and ischemic stroke, the #1 and #3 cause of death, respectively, in the United States."

Effective upon the closing of the transaction, VaxGen's board was reconstituted and new officers were appointed. Patrick Plewman will serve as President and Chief Executive Officer, David J. Foster will serve as Executive Vice President, Chief Financial Officer and Secretary, Robert L. Wolfert will serve as Executive Vice President and Chief Scientific Officer, and Bernard M. Alfano will serve as Executive Vice President and Chief Commercial Officer. The new VaxGen Board of Directors is comprised of Patrick Plewman, Louis C. Bock, Charles W. Patrick, Lori F. Rafield and James P. Panek.

About VaxGen and diaDexus, LLC (formerly diaDexus, Inc.)

VaxGen is based in South San Francisco, California and is focused on the development and commercialization of patent-protected in vitro diagnostic products addressing unmet needs in cardiovascular disease. On July 28, 2010, VaxGen acquired diaDexus, Inc. and merged it into its wholly-owned subsidiary diaDexus, LLC. At a future date to be determined, diaDexus, LLC expects to merge into VaxGen and change the company name to diaDexus, Inc. For more information, including links to SEC public filings, please visit VaxGen's web site at http://www.vaxgen.com. For more information about the diaDexus diagnostic business, please visit http://www.diadexus.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the transaction and its potential benefits to VaxGen stockholders, the company's plans, objectives, expectations and intentions with respect to future operations and products and other statements that are not historical in nature, particularly those that utilize terminology such as "will," "potential," "could," "can," "believe," "intends," "continue," "plans," "expects," "estimates" or comparable terminology. Forward-looking statements are based on current expectations and assumptions, and entail various known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to VaxGen that could cause actual results to differ materially from those expressed in such forward-looking statements include the risk of general business and economic conditions; the failure to realize the anticipated benefits from the transaction or delay in realization thereof; the sufficiency of available capital to allow the company to grow revenue or achieve profitability; the risk that the company is unable to obtain required regulatory approvals and to commercially reintroduce its PLAC TIA test in a timely manner, or at all, or that company revenues are materially adversely affected by the issuance of a "do not use" letter to customers with respect to the PLAC TIA test; the technical and commercial merits and potential of the company's diagnostic products; and the difficulty of developing pharmaceutical and diagnostic products, obtaining regulatory and other approvals and achieving market acceptance. Additional factors that could cause VaxGen's results to differ materially from those described in the forward-looking statements can be found in VaxGen's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission, and available at the SEC's web site at www.sec.gov. The information set forth herein speaks only as of the date hereof, and VaxGen disclaims any intention and does not assume any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

http://www.b2i.us/irpass.asp?BzID=923&to=ea&s=0


'/>"/>
SOURCE VaxGen, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. VaxGen Stockholder Vote Insufficient to Approve Merger with OXiGENE
2. ISS/Risk Metrics Group and Glass Lewis Recommend VaxGen Stockholders Vote For Proposed Merger With OXiGENE
3. ImmuneRegen BioSciences Reports Material Transfer Agreement with VaxGen, Inc.
4. Sysmex America to Launch Complete Cell Image Analysis Portfolio at AACC
5. PharmAthene Completes Previously Announced Registered Direct Offering
6. NOVT Corporation Completes Reverse/Forward Stock Split
7. SPX Completes Acquisition of Anhydro
8. Newport Corporation Completes Sale of Hilger Crystals to Dynasil Corporation
9. Worlds Largest Study on Insulin Therapy Completes Recruitment With 60,000 Patients
10. Cardinal Health Completes Acquisition of Healthcare Solutions Holding
11. Endo Pharmaceuticals Completes Acquisition of HealthTronics, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... - Cardiac Marker Diagnostic ... and Cancer Therapy. - European Point of Care ... - Key Diagnostic Testing Markets. - Molecular ... Genetic Testing. - Molecular Diagnostics in Infectious Disease ... Diagnostic Products World Markets. - Point of Care ...
(Date:2/11/2016)... SAN FRANCISCO , Feb. 11, 2016  Kindred ... focused on saving and improving the lives of pets, ... Technical Section of the New Animal Drug Application (NADA) ... the pivotal field study (KB0120) of Zimeta for the ... by the Company. --> ...
(Date:2/11/2016)... 11, 2016  NOIT™ Research LLC, a private, leading-edge ... Change" campaign to assist needy families in obtaining one ... sold between February 10, 2016 and March 31, 2016, ... family. The NOIT is an auditory stimulus that plays ... language skills. Beth Shier , NOIT ...
Breaking Medicine Technology:
(Date:2/13/2016)... ... 2016 , ... Christie Medical Holdings, Inc. presented the Baylor ... Vision vein finder for the nursing school simulation lab. This donation ... blood, combining technology with traditional technique. , “VeinViewer is a wonderful new addition ...
(Date:2/12/2016)... ... February 12, 2016 , ... Mystic Buddha Publishing House presents Valentine’s ... Buddha, the biography of Rama - Dr. Frederick Lenz. , According to ... of a Buddhist teacher for teaching and helping others. Valentine’s Day celebrates love ...
(Date:2/12/2016)... ... February 12, 2016 , ... ... — 1:30 p.m. – 3:00 p.m. EST, http://www.fdanews.com/fixeddosecombination ... cycle of pharmaceutical products, garnering increased attention from all stakeholders in the development ...
(Date:2/12/2016)... ... February 12, 2016 , ... The ThedaCare Center for ... General Hospital on April 5-7. The series is a multi-day, multi-workshop event designed ... workshops cover a broad range of topics, including coaching skills, the scientific method ...
(Date:2/12/2016)... (PRWEB) , ... February 12, 2016 , ... The Jones ... other communities across eastern Texas, is launching a cooperative charity drive with the Tarrant ... , Serving more than 50,000 individuals and families in need, the Tarrant County Food ...
Breaking Medicine News(10 mins):