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Attention Business Editors
ConjuChem retains Bloom Burton & Co.
MONTREAL, March 11 /CNW/ - ConjuChem Biotechnologies Inc. (TSX: CJB)
("ConjuChem" or the "Company")announced that the Committee of independent
Board members mandated to explore and evaluate all strategic alternatives have
elected to engage Bloom Burton & Co., a leading Canadian healthcare investment
banking firm, to further solicit and evaluate strategic options for the
company with a view to maximize value for shareholders and other stakeholders.
The Company previously announced a restructuring process under the Companies'
Creditors Arrangement Act (Canada) ("CCAA").
About ConjuChem
ConjuChem, developer of next generation medicines from therapeutic
peptides, is creating long-acting compounds based on bioconjugation platform
technologies. When applied to peptides, the Company's systemic PC-DAC(TM)
Technologies enable the creation of new drugs with significantly enhanced
therapeutic properties as compared to the original peptide.
The Company has two major development programs: PC-DAC(TM):Exendin-4, a
GLP-1 agonist in Phase II for the treatment of Type II diabetes and
PC-Insulin, a long-acting basal insulin in preclinical testing.
Detailed descriptions of the Company and its technologies can be viewed
on the Company's website www.conjuchem.com.
Forward-Looking Statements
Some of the statements made herein may constitute forward-looking
statements. These statements relate to future events or our future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause ConjuChem's actual results, performance or achievements
to be materially different from those expressed or implied by any of the
Company's statements. Actual events or results may differ materially. We
disclaim any intention, and assume no obligation, to update these
forward-looking statements.
-30-
/For further information: Mark Perrin, President and CEO, ConjuChem
Biotechnologies Inc., (514) 844-5558 ext 311, perrin@conjuchem.com; James
Smith, Investor Relations, (416) 815-0700 ext. 229, (416) 815-0080,
jsmith@equicomgroup.com/
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