Euthymics Bioscience, Inc. Announces Letter of Intent for Acquisition of DOV Pharmaceutical, Inc.
SAN DIEGO, Feb. 12 /PRNewswire/ -- Euthymics Bioscience, Inc., a privately held Delaware corporation, today announced that it has signed a non-binding Letter of Intent (LOI) to merge into and acquire DOV Pharmaceutical, Inc. (DOV), a Delaware corporation currently traded on the Pink Sheets (Pink Sheets: DOVP), for $2.0 million in cash plus payment of certain of DOV's expenses. DOV believes that the contemplated $2.0 million cash payment to shareholders represents approximately $0.015 per share of DOV common stock. If the transaction is consummated, it is anticipated that DOV will be renamed Euthymics Bioscience, Inc.
Completion of the acquisition is subject to the satisfaction of several conditions, including, without limitation, the execution of a definitive merger agreement, the satisfactory completion of due diligence, the completion of financial statements by Euthymics, compliance with applicable laws, approval by DOV shareholders, and other conditions. The LOI provides for an exclusivity period and also for a break-up fee in the event that DOV accepts an alternative offer from a third party.
About DOV Pharmaceutical, Inc.
DOV is a biopharmaceutical company historically focused on the development of novel product candidates for disorders of the central nervous system. DOV has previously funded drug development and discovery programs that are now at the preclinical, Phase I and Phase II clinical stages focused on monoamine reuptake inhibitors.
About Euthymics Bioscience, Inc.
Euthymics Bioscience, Inc. is a neuroscience-focused clinical-stage company developing next generation treatments for depression, ADHD and other CNS disorders.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: The material contained in this press release may include statements that are not historical facts and are considered "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect DOV's current views about future events, financial performances, and project development. These "forward-looking" statements are identified by the use of terms and phrases such as "will," "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from DOV's expectation. These factors are elaborated upon and other factors may be disclosed from time to time in DOV's past filings with the Securities and Exchange Commission. DOV is not current in such filings, as it no longer is registered under the U.S. Securities Exchange Act of 1934, as amended. DOV expressly does not undertake any duty to update forward-looking statements.
Contacts: |
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Euthymics Bioscience, Inc. |
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Anthony A. McKinney |
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President & CEO |
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215-630-7651 |
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DOV Pharmaceutical, Inc. |
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Barbara Duncan |
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Secretary & Board Member |
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732-907-3600 |
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SOURCE Euthymics Bioscience, Inc.
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