OrthoLogic Announces Acquisition of New Class of Molecules, ICARMs(TM)
24 Febbraio 2006 - 1:26PM
PR Newswire (US)
Company Expands and Diversifies Product Portfolio TEMPE, Ariz.,
Feb. 24 /PRNewswire-FirstCall/ -- OrthoLogic Corp. (NASDAQ:OLGC)
announced today it has agreed to acquire certain assets and assume
certain liabilities of AzERx Inc. (AzERx) for $390,000 cash and the
issuance of 1,355,000 shares of OrthoLogic common stock valued at
approximately $7.7 million, based on the closing share price of
$5.67 on February 23, 2006. The acquisition provides the Company
with a new technology platform that diversifies the portfolio and
may provide more than one potential product. AzERx's lead compound
is AZX100, a 24-amino acid peptide. AZX100 is currently being
investigated for medically and commercially significant
applications, such as the treatment of vasospasm associated with
subarachnoid hemorrhage, the prevention of keloid scarring, and the
treatment of asthma. Preclinical and human in vitro studies have
shown that this novel compound has the ability to relax smooth
muscle in multiple tissue types. "We are encouraged by the early
work completed by the AzERx team and are looking forward to
advancing AZX100 toward the clinic. This compound and its related
technology have the potential to treat several diseases with
significant unmet medical need," stated James Pusey, MD, President
and Chief Executive Officer of OrthoLogic. "In addition, through
this transaction we have the opportunity to broaden and strengthen
our product pipeline and intellectual property portfolio, while
maintaining our strong financial position." Under the terms of the
transaction, OrthoLogic is acquiring an exclusive license for the
core intellectual property relating to AZX100 and will continue to
develop the new class of compounds in the field of smooth muscle
relaxation, called Intracellular Actin Relaxing Molecules, or
ICARMs(TM), based on the unique technology invented by AzERx. Other
assets acquired and liabilities assumed in the transaction are not
material. The transaction is expected to close during the first
quarter of 2006 and is subject to customary closing conditions.
Conference Call The Company will host a live conference call and
webcast today at 9:00 am EST to discuss the transaction. The
conference call may be accessed by dialing 800-361-0912 for
domestic callers, and 913-981-5559 for international callers, and
providing the passcode 9943930. The webcast may be accessed by
visiting the Investor Relations section of the Company's website,
http://www.orthologic.com/, and will be available for 30 days. A
replay of the call will be available beginning February 24, 2006,
at 12:00 pm EST until March 10, 2006. To access the replay, please
dial 888-203- 1112 for domestic callers and 719-457-0820 for
international callers and provide the passcode 9943930. About AzERx
Founded at Arizona State University, AzERx is developing peptide
drugs for disorders involving smooth muscle. The company's founders
have conducted innovative research on the function of the crucial
intracellular protein at the end of the natural smooth muscle
relaxation cascade. The company has an exclusive license to AZX100,
a 24-amino acid biomimetic peptide in preclinical development whose
efficacy has been demonstrated in multiple animal studies and human
in vitro smooth muscle experiments. Potential applications for the
lead molecule include the treatment of vasospasm associated with
subarachnoid hemorrhage, the prevention of keloid scarring, and the
treatment of asthma. Valley Ventures III, L.P., an investment fund
affiliated with the Chairman of the OrthoLogic Board of Directors,
John M. Holliman, III, is a minority stockholder of AzERx. Mr.
Holliman did not participate in the evaluation or approval of this
transaction on behalf of OrthoLogic. About OrthoLogic OrthoLogic is
a biotechnology company focused on the development and
commercialization of the novel synthetic peptide Chrysalin(R)
(TP508) in two lead indications, both of which represent areas of
significant unmet medical need - fracture repair and diabetic foot
ulcer healing. Based on the Company's pioneering scientific
research of the natural healing cascade, OrthoLogic has become a
leading company focused on tissue and bone repair. OrthoLogic is
committed to developing a pipeline of novel peptides and other
molecules aimed at helping patients with equally under-served
conditions. The Company owns exclusive worldwide rights for
Chrysalin. OrthoLogic's corporate headquarters are in Tempe,
Arizona. For more information, please visit the company's Web site:
http://www.orthologic.com/. Statements in this press release or
otherwise attributable to OrthoLogic regarding our business that
are not historical facts are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which include the timing and
acceptability of FDA filings and the efficacy and marketability of
potential products, involve risks and uncertainties that could
cause actual results to differ materially from predicted results.
These risks include: delays in obtaining or inability to obtain
FDA, institutional review board or other regulatory approvals of
preclinical or clinical testing; unfavorable outcomes in our
preclinical and clinical testing; the development by others of
competing technologies and therapeutics that may have greater
efficacy or lower cost; delays in obtaining or inability to obtain
FDA or other necessary regulatory approval of our products; our
inability to successfully and cost effectively develop or outsource
manufacturing and marketing of any products we are able to bring to
market; changes in FDA or other regulations that affect our ability
to obtain regulatory approval of our products, increase our
manufacturing costs or limit our ability to market our products;
our possible need for additional capital in the future to fund the
continued development of our product candidates; and other factors
discussed in our Form 10-K for the fiscal year ended December 31,
2004 our Form 10-Q for the quarter ended September 30, 2005, and
other documents we file with the Securities and Exchange
Commission. DATASOURCE: OrthoLogic Corp. CONTACT: Media, Lauren
Tortorete of Biosector 2, +1-212-845-5609, or ; or Investors,
Melanie Friedman of Stern Investor Relations, +1-212-362-1200, or
Web site: http://www.orthologic.com/
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