Dynogen, Apex reverse course, nix merger

Dynogen going public in reverse merger with California firm [February 6, 2008]

Barely three months after announcing its plans to become a public company through a reverse merger, Dynogen Pharmaceuticals Inc. said it will not merge with the subsidiary of California-based Apex Bioventures Acquisition Corp. after all.

Citing adverse market conditions for small-capitalization public biotech companies, Waltham-based Dynogen and Apex Bioventures (AMEX: PEX) said that ending the merger agreement "was in the best interests of both companies and their respective shareholders."

The deal between Dynogen and Apex had been approved by both companies' boards of directors, and would have kept the merged entity based in Waltham under the name Dynogen Pharmaceuticals with Dynogen CEO Lee Brettman serving as CEO. Apex Bioventures chairman Darrell Elliott was expected to become chairman of the merged company.

Dynogen has two drugs for irritable bowel syndrome on track to enter Phase 3 clinical trials over the next two years, Brettman previously told Mass High Tech.

The company was founded in 2002 and has raised $67 million in venture capital.

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