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AGT Merger with ChemGenex Finalized

NEW YORK, June 21 (GenomeWeb News) - AGT Biosciences of Melbourne, Australia, and ChemGenex Therapeutics of Menlo Park, Calif., today announced that their merger had become final.


AGT Biosciences, which lists Merck-Sante as a major shareholder, has issued 28 million shares of common stock to acquire all of the issued shares of privately held ChemGenex, the companies said when the merger was announced in late April. Further financial details were not disclosed.


The combined entity will do business as ChemGenex Pharmaceuticals, and will trade on the Australian Stock Exchange.  Dennis Brown, CEO of ChemGenex, will serve as president of the combined firm. Brown co-founded Matrix Pharmaceutical, which was acquired by Chiron in 2002.


ChemGenex has two drug development programs entering or in Phase II development: Ceflatonin, a leukemia drug, and Quinamed, a compound in development for the treatment of solid tumors, for which the company is using genotyping to determine the most effective dose. The company presented on the results of a Phase I trial of Quinamed June 8 at the American Society of Clinical Oncologists meeting, and is now conducting a phase II trial to use genotyping for tumors of colon, breast, and prostate. (For more information on this trial, see the article in Pharmacogenomics Reporter 6/17/04.)


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