All amounts are in US dollars
QUEBEC CITY, Dec. 3 /CNW Telbec/ - AEterna Zentaris Inc. (NASDAQ: AEZS;
TSX: AEZ;), a global biopharmaceutical company focused on endocrine therapy
and oncology, today announced it has completed the sale of all issued and
outstanding shares of its wholly-owned Salt Lake City, Utah-based subsidiary,
Echelon Biosciences Inc., to Frontier Scientific Inc. The transaction
represents $3.2 million, including $2.6 million upfront and payable
immediately with a $0.6 million in contingent consideration.
David J. Mazzo, Ph.D., President and CEO of AEterna Zentaris Inc. stated,
"We are very pleased to have finalized the transaction with Frontier
Scientific for the sale of Echelon. It is our intention to divest our
remaining non-core assets as they provide additional non-dilutive sources of
funds that we will dedicate to advance our lead development programs,
specifically our ongoing Phase 3 program with cetrorelix for the treatment of
Dr. Jerry Bommer, President of Frontier Scientific commented, "Frontier
Scientific and Echelon Biosciences both have outstanding personnel and
complementary markets, technologies, facilities, and operations. The
acquisition will lead to new technology development and growth opportunities."
On October 2, 2007, the Company announced its intention to divest its
non-core assets, including Echelon Biosciences.
About Echelon Biosciences Inc.
Echelon Biosciences Inc., a Salt Lake City based biotechnology company
with 20 employees, is engaged in furthering the science of lipid cell
signalling and critical metabolic enzymes, which provide new and viable
targets for the development of potential drugs and diagnostics for cancer,
diabetes, inflammation, infections, and cardiovascular disease. The focus is
also on small molecule agonists and antagonists to lipid-protein signalling
interactions which are new and important therapeutic targets. Furthermore,
Echelon markets chemical reagents.
About Frontier Scientific, Inc.
Frontier Scientific Inc. (FSI) is a chemical developer, manufacturer and
custom research services provider to the pharmaceutical, biotechnology,
industrial chemical, government, and academic sectors. FSI specializes in the
development of chemical compounds and processes related to porphyrins,
phthalocyanines and boronic acids. FSI is a privately-held corporation
established in 1975 and headquartered in Logan, Utah.
About AEterna Zentaris Inc.
AEterna Zentaris Inc. is global biopharmaceutical company focused on
endocrine therapy and oncology, with proven expertise in drug discovery,
development and commercialization. News releases and additional information
are available at www.aeternazentaris.com.
This press release contains forward-looking statements made pursuant to
the safe harbor provisions of the U.S. Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties, which could cause the Company's actual results to differ
materially from those in the forward-looking statements. Such risks and
uncertainties include, among others, the availability of funds and resources
to pursue R&D projects, the successful and timely completion of clinical
studies, the ability of the Company to take advantage of business
opportunities in the pharmaceutical industry, uncertainties related to the
regulatory process and general changes in economic conditions. Investors
should consult the Company's quarterly and annual filings with the Canadian
and U.S. securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. Investors are
cautioned not to rely on these forward-looking statements. The Company does
not undertake to update these forward-looking statements. We disclaim any
obligation to update any such factors or to publicly announce the result of
any revisions to any of the forward-looking statements contained herein to
reflect future results, events or developments except if we are requested by a
governmental authority or applicable law.
For further information:
For further information: Jenene Thomas, Senior Director, Investor
Relations & Corporate Communications, (908) 938-1475, firstname.lastname@example.org;
Paul Burroughs, Media Relations, (418) 652-8525 ext. 406,