Vaxine Makes Unsolicited Bid to Acquire U.S. Company Protein Sciences Corporation

Saturday, October 25, 2008 General News
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ADELAIDE, Australia, Oct. 24 Vaxine Pty Ltd announced today that it made an unsolicited bid to acquire Protein Sciences Corporation, a privately-held vaccine company located in Meriden, Connecticut USA. The terms of the proposed offer were not disclosed but include a stock for stock exchange and the assumption of liabilities with a potential total deal value in excess of U.S. $60 million.



Nikolai Petrovsky, Chairman of Vaxine, said, "We have been following Protein Sciences for some time and are impressed with its vaccine products and patented cell line and rapid progress in bringing their influenza vaccines through the U.S. regulatory process. He added, "We already are a major collaborator under Protein Sciences in its response to an RFP for a major BARDA influenza vaccine contract and we believe that the two companies combined will be in a much stronger position to receive this extremely important contract and bring a range of exciting new vaccines to market."



Vaxine is a Australian biopharmaceutical company developing a portfolio of vaccines, both therapeutic and prophylactic, to treat infectious diseases, allergy, autoimmunity and cancer. These vaccines are underpinned by Vaxine's novel technologies which include the Advax range of highly effective adjuvants which are without peer plus a wide range of novel vaccine antigens from Vaxine's antigen discovery programs. Vaxine has three vaccines in human clinical trials plus an extensive range of vaccines at the late pre-clinical stage; thus establishing a strong pipeline of promising vaccine products. Vaxine is debt-free and is the recipient of major vaccine grants and contracts from the U.S. National Institutes of Health.



www.vaxine.com.au



SOURCE Vaxine Pty Ltd


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