Transition Therapeutics Completes Tender Offer for CNS-Focused NeuroMedix Inc.

14-May-2007

Transition Therapeutics Inc. and NeuroMedix Inc. announced the successful completion of Transition's tender offer for the outstanding shares of NeuroMedix, a central nervous system ("CNS") focused biotechnology company. According to the company, NeuroMedix's lead compound, Minozac, has the key characteristics for a CNS drug as it is a small molecule that is orally bioavailable and crosses the blood-brain-barrier. Minozac has been shown to prevent neuronal dysfunction in animal models of Alzheimer's disease and traumatic brain injury.

The Offer expired as scheduled at 5:00 p.m. EST on Wednesday, May 9, 2007. As of the expiration of the Offer, a total of 29,850,000 NeuroMedix common shares were validly tendered and not withdrawn, representing 94% of the outstanding shares of NeuroMedix. Transition has accepted for purchase all shares that were validly tendered during the Offer. As the offer was accepted by holders of more than 90% of the common shares of NeuroMedix not held by Transition or its affiliates, Transition will exercise its right under the compulsory acquisition provisions of section 206 of the Canada Business Corporations Act to acquire the outstanding common shares of NeuroMedix not owned by Transition, by mailing a formal notice to all remaining NeuroMedix shareholders.

Following the completion of the compulsory acquisition, NeuroMedix will become a wholly-owned subsidiary of Transition. Transition will apply to have the NeuroMedix common shares delisted from the TSX Venture Exchange. Transition will also apply to have NeuroMedix cease to be a reporting issuer in Canada.

https://www.bionity.com/en/news/64608/transition-therapeutics-completes-tender-offer-for-cns-focused-neuromedix-inc.html