ImmuLogic Pharmaceutical Corporation Announces Asset Sales

Strategic Insights -

ImmuLogic Pharmaceutical Corporation, a biopharmaceutical company, has announced the conversion of 433,333 American Depositary Shares (ADSs) of Cantab Pharmaceuticals Plc into 1,300,000 Ordinary Shares of Cantab, with plans to sell these shares on the London Stock Exchange for aggregate gross proceeds of approximately $7,215,000. Additionally, ImmuLogic has agreed to sell 70,000 ADSs of Cantab to a private buyer in the United States for aggregate gross proceeds of approximately $1,165,000. These transactions are expected to be completed on or about June 16, 2000.

Key Takeaways:

  • ImmuLogic Pharmaceutical Corporation is converting 433,333 ADSs of Cantab Pharmaceuticals Plc into 1,300,000 Ordinary Shares of Cantab, resulting in approximately $7,215,000 in gross proceeds from the sale on the London Stock Exchange.
  • The company will also sell an additional 70,000 ADSs of Cantab to a private buyer in the United States for approximately $1,165,000 in gross proceeds.
  • These sales are expected to be completed on or about June 16, 2000.
  • These transactions come after ImmuLogic's Board of Directors approved a plan of liquidation and dissolution on March 23, 1999.
  • ImmuLogic Pharmaceutical Corporation's press releases are available through Company News on Call by fax at 800-758-5804, ext. 114501, and on the Internet at http://www.prnewswire.com
  • The company's forward-looking statements involve risks and uncertainties related to the liquidation of its assets and satisfaction of its liabilities, as detailed in its Annual Report on Form 10-K for the year ended December 31, 1999 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.

Statistics:

  • $7,215,000: Aggregate gross proceeds from the sale of 1,300,000 Ordinary Shares of Cantab on the London Stock Exchange.
  • $1,165,000: Aggregate gross proceeds from the sale of 70,000 ADSs of Cantab to a private buyer in the United States.
  • 433,333: Number of ADSs of Cantab Pharmaceuticals Plc being converted into 1,300,000 Ordinary Shares of Cantab.
  • 1,300,000: Number of Ordinary Shares of Cantab being sold on the London Stock Exchange.
  • 70,000: Number of ADSs of Cantab being sold to a private buyer in the United States.
  • June 16, 2000: Expected completion date of these transactions.

Sources:

  • ImmuLogic Pharmaceutical Corporation press release, June 12, 2000.
  • Company News on Call by fax at 800-758- 5804, ext. 114501.
  • http://www.prnewswire.com
  • ImmuLogic Pharmaceutical Corporation Annual Report on Form 10-K for the year ended December 31, 1999.
  • ImmuLogic Pharmaceutical Corporation Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.