Chemex announces intent to merge with Access Pharmaceuticals.FORT LEE, N.J.--(BUSINESS WIRE)--Oct. 4, 1995--Chemex Pharmaceuticals Inc. today announced the signing of a definitive agreement to merge with Access Pharmaceuticals Inc. Access is a privately held Dallas based emerging pharmaceutical company with a broad platform technology for enhancing the site targeting of intravenous intravenous /in·tra·ve·nous/ (-ve´nus) within a vein or veins.intrave´nously in·tra·ve·nous adj. Abbr. IV Within or administered into a vein. therapeutic drugs, MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. contrast agents and radiopharmaceutical radiopharmaceutical /ra·dio·phar·ma·ceu·ti·cal/ (-fahr?mah-soo´ti-k'l) a radioactive pharmaceutical, nuclide, or other chemical used for diagnostic or therapeutic purposes. diagnostic and therapeutic agents. The Access technology is based on natural carbohydrate carbohydrate, any member of a large class of chemical compounds that includes sugars, starches, cellulose, and related compounds. These compounds are produced naturally by green plants from carbon dioxide and water (see photosynthesis). carriers. The technology development of Access is currently focused on increasing the therapeutic benefit of oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. agents and improving the efficacy of oncology diagnosis by selectively targeting sites of disease and accelerating drug clearance. Under the terms of the merger agreement, Access will be merged into Chemex which will be the surviving legal entity. Chemex will acquire all of the outstanding shares of Access in exchange for approximately 13,750,000 shares of registered common stock of Chemex. The Chemex name will be changed to Access Pharmaceuticals Inc. and the operations of the consolidated company will be based in Dallas. The Board of Directors of both companies have approved the proposed merger. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction is subject to conditions customary for transactions of this nature, including shareholder approval prior to Jan. 30, 1995. CONTACT: Chemex Pharmaceuticals Inc. Herbert H. McDade Jr., 201/944-1449 or Access Pharmaceuticals Inc. Kerry P. Gray, 214/905-5100 |
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