HORSHOLM, Denmark, Nov. 24, 2005 (PRIMEZONE) -- Pharmexa Summary:
-- Pharmexa A/S ("Pharmexa") and IDM Pharma, Inc. ("IDM") have entered
into an agreement whereby Pharmexa will acquire certain
infectious disease and other assets from IDM related to the former
San Diego-based company Epimmune Inc., which was recently merged
with IDM S.A.
-- The assets include a fully operational and equipped research and
development facility in San Diego, California, certain immunotherapy
technology and intellectual property (approximately 250 issued and
pending patents) as well as a partly funded clinical pipeline
focused on infectious diseases. Pharmexa will offer employment to
27 employees currently employed at the facility.
-- To fund the acquisition price of USD 12 million in cash, the Board
of Directors in Pharmexa has resolved to increase the share
capital with 3.4 million shares in a private placement. Pharmexa
has entered into an underwriting agreement with ING, whereby ING
undertakes to place 3.4 million Pharmexa shares at market price
through the bookbuilding method after the publication of this
release. Gross proceeds are expected to amount to approximately
DKK 72 million.
-- The acquisition will not significantly affect Pharmexa's financial
plans going forward.
Hoersholm, 24 November, 2005
Karl Olof Borg Jakob Schmidt Chairman Chief Executive Officer
Please find the full press release as attachment.