Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > ViRexx Medical Corp. Is Acquired by Paladin Labs Inc.

Abstract:
ViRexx Medical Corp. ("ViRexx" and/or the "Company") announced today that in accordance with the Order for Reorganization in ViRexx's Proposal Proceedings under the Bankruptcy and Insolvency Act (Canada) and under the Alberta Business Corporations Act which have been previously announced, Paladin Labs Inc. (TSX:PLB), a leading Canadian specialty pharmaceutical company, has become the sole shareholder of ViRexx.

ViRexx Medical Corp. Is Acquired by Paladin Labs Inc.

Edmonton, AB, Canada | Posted on December 23rd, 2008

Immediately prior to Paladin becoming the sole shareholder of ViRexx, all existing issued and outstanding shares and options of the Company were, pursuant to the Court Order, cancelled without payment or other consideration. One of the other consequences of Paladin becoming the sole shareholder is that the Company will take the steps necessary to cease being a reporting issuer in Canada and the United States.

Please also refer to the Company's press release dated December 11, 2008 related to additional background on the transaction.

Forward-looking statements

Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements related to ViRexx's creditors proposal and restructuring efforts to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipate", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this document. Such statements include statements regarding Paladin's decision to support the restructuring, its financing of the restructuring, its efforts to license, sell or otherwise dispose of the Technology as well as statements related to obtaining Court approval for the restructuring.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.

Although the forward-looking statements contained herein are based upon what ViRexx's management currently believes are reasonable assumptions, the Company cannot make assurances that actual results will be consistent with these forward-looking statements. ViRexx does not assume any obligation to update or revise the statements contained herein to reflect new events or circumstances, except as required by applicable securities legislation.

Additional financing will be required for the Company in order to complete the restructuring process and to carry on with its operations. There can be no assurance that additional financing will be available at all or on acceptable terms to permit ViRexx's current operations to continue. If the Company is unsuccessful in obtaining sufficient financing it may be required to scale back further or terminate certain or all of its operations.

The Company intends to cease being a reporting issuer in the United States and Canada following satisfaction of all Court and regulatory requirements, but there can be no assurance that this will happen. The Company was de-listed from the TSX on October 17, 2008 and from AMEX on October 1, 2008.

Please refer to the Risk Factors commencing on page 9, Section D, of the Form 20F filed by ViRexx on July 11, 2008 located at www.sec.gov. These risk factors are still in effect.

####

About ViRexx Medical Corp.
ViRexx is a Canadian-based development-stage biotech company focused on developing innovative-targeted therapeutic products that offer better quality of life and a renewed hope for living. Our platform technologies include product candidates for the treatment of Hepatitis B, Hepatitis C, avian influenza viral infections, biodefence and nanoparticle applications, select solid tumors and late-stage ovarian cancer. Additional information related to the Company can be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

About Paladin Labs Inc.

Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. For more information, please visit the Company's web site at www.paladinlabs.com.

For more information, please click here

Contacts:
Samira Sakhia
Chief Financial Officer, Paladin Labs Inc.
President, ViRexx Medical Corp.
(514) 340-5067
(514) 344-4675 (FAX)

Copyright © Marketwire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Instant-start computers possible with new breakthrough December 19th, 2014

Aculon Hires New Business Development Director December 19th, 2014

Nanomedicine

Creation of 'Rocker' protein opens way for new smart molecules in medicine, other fields December 18th, 2014

Iranian Researchers Produce Electrical Pieces Usable in Human Body December 18th, 2014

Unraveling the light of fireflies December 17th, 2014

First Home-Made Edible Herbal Nanodrug Presented to Pharmacies across Iran December 17th, 2014

Announcements

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Instant-start computers possible with new breakthrough December 19th, 2014

Aculon Hires New Business Development Director December 19th, 2014

Acquisitions/Mergers/Splits

Keysight Technologies Begins Trading as Independent Company November 3rd, 2014

PEN Inc. Chairman, Scott Rickert, Will Webcast a Live Company Update September 25, 1 PM EDT September 17th, 2014

State University of New York Trustees Unanimously Approve SUNY Polytechnic Institute (SUNY Poly) as New Name for Merged SUNY CNSE / SUNYIT September 9th, 2014

PEN Inc. Announces New Trading Symbol: PENC: Stock Continues Trading on the OTCQB September 3rd, 2014

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE