Xytronyx Inc. announces approval of agreement by majority of shareholders of Binary Therapeutics Inc.SAN DIEGO--(BUSINESS WIRE)--July 9, 1996--Xytronyx Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :XYX) Tuesday announced it has received notice that a majority of the shareholders of Binary Therapeutics Inc. ("BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information ") have approved an Agreement and Plan of Merger under which Xytronyx has the option to acquire BTI. As previously announced, the Agreement gives Xytronyx the right to acquire BTI at anytime prior to April 30, 1997, by a merger of BTI into a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Xytronyx. The ratification by at least a majority of the shareholders of BTI was required to allow the merger to be completed when and if Xytronyx exercises its option. BTI, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Massachusetts, is the holder of certain proprietary technologies in the Photodynamic Therapy ("PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ") field for the treatment of cancer. Binary Therapeutics and Xytronyx have agreed that the first human clinical trials of BTI's PDT technologies will target brain cancer due to favorable results obtained in preclinical treatment of brain tumor models in animals. Xytronyx is engaged in the development and commercialization of medical products with a primary focus on cancer treatment. CONTACT: Xytronyx Inc., San Diego Dale A. Sander or Larry Bymaster, 619/550-3900 |
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