SEATTLE -- (BUSINESS WIRE) -- Theraclone Sciences, Inc. announced today that it consented to PharmAthene’s termination of the parties’ definitive merger agreement. The agreement provided for the merger of a wholly-owned subsidiary of PharmAthene into Theraclone in an all-stock, merger-of-equals transaction. Accordingly, PharmAthene has cancelled the Special Meeting of Stockholders scheduled for December 3, 2013. PharmAthene will pay Theraclone a $1 million termination fee.
Clifford Stocks, Chief Executive Officer of Theraclone said, "I would like to thank the employees and management of Theraclone and PharmAthene who have worked so hard and diligently on this transaction over the past several months. Theraclone will continue its course of discovering and developing fully human antibodies from its I-STAR™ Platform.”
Theraclone is a biopharmaceutical company focused on the discovery and development of novel, monoclonal antibody therapeutics for diseases that are devastating for patients and their families and which are a significant threat to human health. Theraclone leverages its proprietary antibody discovery technology, I-STARTM (In-Situ Therapeutic Antibody Rescue), to identify rare human antibodies that may be developed into antibody product candidates that are potentially safer and more effective than current therapies. Theraclone has a portfolio of innovative antibodies in clinical and preclinical development targeting serious medical conditions with a significant unmet medical need and a primary focus on infectious disease and cancer, which include:
For more information about Theraclone, please visit www.theraclone-sciences.com.