Myriad Pharmaceuticals, Inc. (Nasdaq:MYRX) today announced the termination, effective as of Friday, April 16, 2010, of its merger agreement with Javelin Pharmaceuticals (NYSE Amex:JAV).
In accordance with the terms of the merger agreement, Myriad Pharmaceuticals is entitled to the payment from Javelin of stipulated expenses of $1.5 million plus a termination fee of $2.9 million, within one business day of the termination, and in accordance with the terms of the $8.5 million Loan and Security Agreement, is entitled to the repayment, in full, from Javelin, of the outstanding balance under the agreement, together with accrued interest thereon, within two business days of the termination.
Myriad Pharmaceuticals intends to go forward with the previously announced Special Meeting of Shareholders on April 22nd solely to vote on the proposal to amend the Company's restated certificate of incorporation to change the name of the Company to Myrexis, Inc. If the proposal is approved, the name change will be affected at a future date. All other proposals that were to be voted on at the special meeting, including the proposals to approve the issuance of shares pursuant to the merger agreement and to increase the number of authorized shares of the Company's common stock, will not be voted on due to the termination of the merger agreement.
Myriad Pharmaceuticals is continuing the development of its pipeline of novel cancer and infectious disease drug candidates, which includes MPC-4326, a novel maturation inhibitor for the oral treatment of human immunodeficiency virus 1 (HIV-1) infection, AzixaTM, a novel microtubule destabilizing agent in phase 2 trials for the treatment of cancer, and MPC-3100, a phase 1 candidate for the treatment of cancer.
- During April 2010, the Company expects to report non-clinical data on its Phase 1 compound MPC-3100 and two preclinical research programs, including the Company's newest IND candidate program targeting IKK epsilon and another pre-clinical program targeting nicotinamide phosphoribosyltransferase (Nampt) at the American Association of Cancer Research in Washington D.C. and at the Federation of American Societies for Experimental Biology ("FASEB") meeting in Anaheim, CA.
- In June 2010, the Company expects to report results from the ongoing Phase 2a trials of Azixa (MPC-6827) in metastatic melanoma and recurrent glioblastoma ("GBM"), and Phase 1 clinical trial results for MPC-3100 at the American Society for Clinical Oncology ("ASCO") meeting in Chicago.
SOURCE Myriad Pharmaceuticals, Inc.