MONTREAL, June 11 /CNW/ - ConjuChem Biotechnologies Inc. ("ConjuChem") announced today that the plan of arrangement (the "Plan") submitted to its creditors under the Companies' Creditors Arrangement Act (the "CCAA") was duly approved at a meeting of creditors which took place earlier today.
ConjuChem's motion to obtain the sanction of the Plan by the Superior Court of Québec (commercial division) (the "Sanction Order") is presentable on June 15, 2010 at 9:00 a.m. in room B-107 of the Saint-Jérôme Court House at 25 Martigny Street West, Saint-Jérôme, Québec. Once the Sanction Order is obtained, the Plan will be implemented and distributions will be made to the creditors in accordance with the terms of the Plan.
Pursuant to the Plan, the existing common shares of ConjuChem will be effectively cancelled for no consideration.
ConjuChem, developer of next generation medicines from therapeutic peptides, is creating long-acting compounds based on bioconjugation platform technologies. When applied to peptides, the Company's systemic PC-DAC(TM) Technologies enable the creation of new drugs with significantly enhanced therapeutic properties as compared to the original peptide.
The Company has two major development programs: PC-DAC(TM):Exendin-4, a GLP-1 agonist in Phase II for the treatment of Type II diabetes and PC-Insulin, a long-acting basal insulin in preclinical testing.
Detailed descriptions of the Company and its technologies can be viewed on the Company's website www.conjuchem.com.
Some of the statements made herein may constitute forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause ConjuChem's actual results, performance or achievements to be materially different from those expressed or implied by any of the Company's statements, as further described in ConjuChem's Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter ended January 31, 2010. Actual events or results may differ materially. We disclaim any intention, and assume no obligation, to update these forward-looking statements.
SOURCE CONJUCHEM BIOTECHNOLOGIES INC.
For further information: For further information: Mark Perrin, President and CEO, ConjuChem Biotechnologies Inc., 514-844-5558 ext 311, firstname.lastname@example.org; James Smith, Investor Relations, 416-815-0700 ext. 229, 416-815-0080, email@example.com