VIMRX changes name to Nexell Therapeutics:
This article was originally published in Clinica
Executive Summary
VIMRX Pharmaceuticals is to buy back Baxter's minority interest in its subsidiary, Nexell Therapeutics, and will change its own name to that of the subsidiary, relocating to Nexell's Irvine, California site. Baxter will gain 3 million shares of VIMRX' stock and a seven-year warrant to buy a further 5.2 million shares at $1.15 per share. In addition, the conversion price of the $66 million of stock issued to Baxter in 1997 is to be set at $2.75 per share. Earlier this month, Nexell received an approvable letter from the US FDA for its stem cell preparation system, Isolex (see Clinica No 842, p 15).