Adherex Technologies Announces Important Dates Related to Merger Proposal; Dividend Record Date Set; Consolidation to Occur Only If Necessary.Business Editors OTTAWA--(BUSINESS WIRE)--Oct. 23, 2002 Adherex Technologies (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AHX AHX American History X (movie) AHX Abyss' Highest eXperience ), a biotechnology company developing novel therapeutics based on cell adhesion Cellular adhesion is the binding of a cell to another cell or to a surface or matrix. Cellular adhesion is regulated by specific adhesion molecules that interact with molecules on the opposing cell or surface. technology, today updated shareholders on the key dates related to the November 5 Annual and Special Meeting. If Adherex shareholders approve the merger with Oxiquant, Inc., they will receive a special dividend of shares in the newly created company, Cadherin Biomedical Research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. . The record date for the special dividend will be November 14 with a closing expected on November 15. There is no date set for the proposed share consolidation to be voted on at the meeting. It will only proceed if it is deemed necessary to attract new institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. interest in the company. Adherex announced an intention to proceed with a merger with New York-based Oxiquant last month. "This will be an extremely important meeting for our company," said John Brooks, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Adherex Technologies. "A successful merger with Oxiquant will result in an expanded drug candidate pipeline for Adherex with a clear cancer focus. We expect the combined new entity to be significantly more attractive to investors since it will have a robust portfolio of products in clinical trials." As previously announced, Adherex is also asking its shareholders for permission, if necessary, to consolidate the number of its outstanding shares following the Oxiquant merger. "We are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. the flexibility to proceed with a consolidation if and when it was seen by the Board of Directors to be in the best interest of all Adherex shareholders," Mr. Brooks said. Cadherin Biomedical Research will acquire all of Adhererex's non-cancer related assets and the company will be owned by existing Adherex shareholders. "We strongly encourage our shareholders to review the detailed information circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible that was recently mailed to them and vote on these important matters," Mr. Brooks said. Should investors need a new proxy form or should they have any questions regarding the upcoming meeting, they are encouraged to contact the company. About Adherex Technologies Adherex Technologies is an Ottawa-based biotechnology company that develops therapeutic drugs based upon its proprietary cell adhesion platform technology. The lead compound, EXHERIN(TM), works to destroy the blood vessels Blood vessels Tubular channels for blood transport, of which there are three principal types: arteries, capillaries, and veins. Only the larger arteries and veins in the body bear distinct names. that feed a cancerous tumor, essentially destroying the tumor's food supply. Adherex's unique cell adhesion platform has the potential for diverse applications, including drug delivery through the skin. For more information, please visit Adherex's Web site at www.adherex.com. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Certain information contained in this news release is forward-looking and is subject to unknown risks and uncertainties. The actual results, performance or achievements of the company may differ materially from the results, performance or achievements of the company expressed or implied by such forward looking statements. |
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