Gardant sets date for spinoffs of Amilar, Genaderm, Avantogen

By Elaine Rigoli

Tampa, Fla., July 31 - Gardant Pharmaceuticals, Inc. said Monday that it is in advanced negotiations to be acquired and expects to sign a definitive merger agreement on or before Aug. 23.

Under the terms of the acquisition, the previously announced spinoff of Cynat Oncology, Inc. will now remain a subsidiary of Gardant.

The spinoff date of record remains July 31 for previously announced spinoffs, according to a news release. The spinoff ratios that will occur are as follows:

• Genaderm, Inc. - for every 1,000 shares held in Gardant, shareholders will receive 525 shares in Genaderm;

• Avantogen Oncology, Inc. - for every 1,000 shares held in Gardant, shareholders will receive 210 shares in Avantogen Oncology;

• Amilar Pharmaceuticals, Inc. - for every 1,000 shares held in Gardant, shareholders will receive 118 shares in Amilar.

It is anticipated that the shares of the spinoffs will be delivered in the next four to eight weeks subject to any required approvals.

Gardant is a pharmaceutical company based in New York.

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