Burlingame, CA-based Valentis announced that it would merge with Urigen through a stock swap. The company has been in a downward spiral since the drug developer announced that a Phase IIb trial of its lead drug candidate for peripheral arterial disease failed to show any advantage over a placebo. Valentis decided not to further develop the drug. Urigen, also based in Burlingame, is a privately-held specialty pharmaceutical focused on urology. Urigen will become a wholly-owned subsidiary of Valentis.
"The merger of Valentis and Urigen will create a new specialty pharmaceutical company dedicated to the development and commercialization of therapeutic products for urological disorders. The combined company will offer an attractive portfolio of products in clinical development," said Benjamin F. McGraw, III, Chairman, President and CEO of Valentis in a press release. The company is anticipating Phase IIb from another drug candidate at the end of this year.
- here's the report on the merger from The San Francisco Business Times
Valentis future in doubt after Phase IIb failure. Report
Layoffs reported at Valentis. Report