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Corgentech, AlgoRx merger complete, shareholders also back one-for-four reverse stock split
By E. Janene Geiss
Philadelphia, Dec. 16 -Corgentech Inc. and AlgoRx Pharmaceuticals, Inc. completed their merger Thursday after it was approved by stockholders of both companies.
The combination creates a late-stage drug developer with four clinical candidates focused on pain management and inflammation.
Under the agreement, which took effect immediately after the vote, Corgentech issued shares to AlgoRx stockholders, who now own 62% of the combined company. Corgentech investors hold the remaining 38%.
Corgentech's South San Francisco, Calif., office will be the company's headquarters with facilities in Secaucus, N.J., according to a company news release.
In connection with the merger, Corgentech stockholders also approved a one-for-four reverse stock split, which also took effect Thursday, officials said.
Corgentech said it now has about 20.1 million shares outstanding. The deal was announced Sept. 26, 2005.
Corgentech common stock began trading Friday on the Nasdaq market on a split-adjusted basis under the temporary symbol "CGTKD." After 20 trading days, the symbol for Corgentech common stock will revert back to "CGTK."
The combined company has four products in its pipeline, including AlgoRx's pain management drug candidates ALGRX 3268, which is in phase 3 clinical trials, ALGRX 4975, in phase 2 clinical trials, and ALGRX 1207, soon to enter the clinic, as well as Corgentech's NF-kappaB Decoy for eczema.
John P. McLaughlin remains chief executive officer of the combined company, officials said, while Ronald Burch, AlgoRx chief executive officer, is vice president of development.
Corgentech is biopharmaceutical company focused on development and commercialization of new treatments for pain management and inflammation.
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