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Immediate Release CONTACTS : Investors: Bernie Hertel, Inovio Biomedical, 858-410-3101 Media: Jeff Richardson, Richardson & Associates, 805-491-8313 Inovio Biomedical and VGX Pharmaceuticals Stockholders Ove
Friday, May 29, 2009 3 min read
Key Takeaway: Investors: Bernie Hertel, Inovio Biomedical, 858-410-3101 Media: Jeff Richardson, Richardson & Associates, 805-491-8313
Inovio Biomedical and VGX Pharmaceuticals
Stockholders Overwhelmingly Approve Proposed Merger
DIEGO, CA and BLUE BELL, PA May 29, 2009 Inovio Biomedical Co
Full Press Release Details
| Investors: | | Bernie Hertel, Inovio Biomedical, 858-410-3101 |
| Media: | | Jeff Richardson, Richardson & Associates, 805-491-8313 |
Inovio Biomedical and VGX Pharmaceuticals
Stockholders Overwhelmingly Approve Proposed Merger
DIEGO, CA and BLUE BELL, PA May 29, 2009 Inovio Biomedical Corporation
(NYSE Amex: INO) and VGX Pharmaceuticals, Inc. announced today that stockholders of
both companies approved the previously announced proposed merger of Inovio and
VGX. The combination of DNA vaccine development expertise, clinical pipeline,
electroporation-based DNA delivery technology and robust patents will position
the combined company as a leading DNA vaccine
discovery, development, and delivery company.
At a special meeting of Inovio stockholders
held today, 80.7% of total votes cast were voted in favor of the business
At a special meeting of VGX stockholders held
today, 99.7% of total votes cast were voted in favor of the business combination.
Approval of the proposed merger by both
companies stockholders is a condition to the closing of the merger. Subject to
the satisfaction of additional customary closing conditions, Inovio and VGX
expect the merger to close in June, 2009.
About VGX Pharmaceuticals
VGX Pharmaceuticals is engaged in the discovery and
development of novel vaccines and therapies for major infectious diseases and
cancers. VGX has phase I clinical studies progressing for PENNVAX -B, a DNA
vaccine for the prevention of HIV; VGX-3100, a therapeutic DNA vaccine for
cervical cancer; and the CELLECTRA electroporation DNA delivery device. VGX has filed an IND for VGX-3400, a
preventative DNA vaccine for avian influenza, and is also advancing a phase
I clinical study for VGX-1027, a
small molecule drug for inflammatory diseases. VGX has established a vertically-integrated DNA vaccine platform with
extensive capabilities including SynCon DNA-based product candidates, the
CELLECTRA delivery device, and access to efficient cGMP plasmid manufacturing.
Vertical control over key aspects of product development has enabled VGX to
consistently develop multiple product candidates from bench-to-IND filing
within one year. The product candidates and technology programs are protected
by VGX s extensive global intellectual property portfolio. More
information about VGX can be found at
www.vgxp.com.
About Inovio Biomedical Corporation
Inovio Biomedical is focused on developing DNA
vaccines for cancers and infectious diseases using its novel method for DNA
delivery electroporation which uses brief, controlled electrical pulses to
increase cellular uptake of useful biopharmaceuticals. Initial human data has
shown that Inovio s electroporation-based DNA delivery technology can
significantly increase gene expression and immune responses from DNA vaccines.
Immunotherapy partners include Merck, Wyeth, Tripep, Vical, University of
Southampton, Moffitt Cancer Center, the U.S. Army, National Cancer Institute,
and International AIDS Vaccine Initiative. Inovio s technology is protected by
an extensive patent portfolio covering in vivo
electroporation. More information is available at
www.inovio.com.
This press release contains certain forward-looking statements relating to plans for the merger of Inovio Biomedical Corporation and VGX Pharmaceuticals and the parties intent to develop their electroporation-based drug and gene delivery technologies and DNA vaccines. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including the uncertainties inherent in complex commercial transactions like the proposed merger; uncertainties inherent in clinical trials and product development programs (including, but not limited to, the fact that pre-clinical and clinical results referenced in this release may not be indicative of results achievable in other trials or for other indications and that results from one study may not necessarily be reflected or supported by the results of other similar studies), the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA vaccines, the availability or potential availability of alternative therapies or treatments for the conditions targeted by the parties or their collaborators, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that the parties and their collaborators hope to develop, evaluation of potential opportunities, issues involving patents and whether they or licenses to them will provide the parties with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether the combined company can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of the companies combined technology by potential corporate or other partners or collaborators, capital market conditions, evaluation of the transaction by the NYSE Amex, which may impact the current and/or additional listing of Inovio s securities, and other factors set forth in Inovio s Annual Report on Form 10-K for the year ended December 31, 2008, its Form 10-Q for the three months ended March 31, 2009, and other regulatory filings from time to time, including, but not limited to, the registration statement/joint proxy statement filed by Inovio under Form S-4 pursuant to the merger agreement. There can be no assurance that any product in Inovio s, VGX s or the projected combined company s product pipeline will be successfully developed or manufactured, that final results of clinical studies will be supportive of regulatory approvals required to market licensed products, or that any of the forward-looking information provided herein will be proven accurate.