Inovio Biomedical and VGX Pharmaceuticals Approve Proposed Merger Print
By Staff and Wire Reports   
Friday, 29 May 2009 21:46
Inovio Biomedical Corporation (NYSE Amex: INO) and VGX Pharmaceuticals, Inc. announced today that stockholders of both companies approved the previously announced proposed merger of Inovio and VGX. The combination of DNA vaccine development expertise, clinical pipeline, electroporation-based DNA delivery technology and robust patents will position the combined company as a leading DNA vaccine discovery, development, and delivery company. At a special meeting of Inovio stockholders held today, 80.7% of total votes cast were voted in favor of the business combination.

At a special meeting of VGX stockholders held today, 99.7% of total votes cast were voted in favor of the business combination.

Approval of the proposed merger by both companies’ stockholders is a condition to the closing of the merger. Subject to the satisfaction of additional customary closing conditions, Inovio and VGX expect the merger to close in June, 2009.

About VGX Pharmaceuticals

VGX Pharmaceuticals is engaged in the discovery and development of novel vaccines and therapies for major infectious diseases and

cancers. VGX has phase I clinical studies progressing for PENNVAX™-B, a DNA vaccine for the prevention of HIV; VGX-3100, a therapeutic DNA vaccine for cervical cancer; and the CELLECTRA® electroporation DNA delivery device. VGX has filed an IND for VGX-3400, a preventative DNA vaccine for avian influenza, and is also advancing a phase I clinical study for VGX-1027, a small molecule drug for inflammatory diseases. VGX has established a vertically-integrated DNA vaccine platform with extensive capabilities including SynCon™ DNA-based product candidates, the CELLECTRA® delivery device, and access to efficient cGMP plasmid manufacturing. Vertical control over key aspects of product development has enabled VGX to consistently develop multiple product candidates from bench-to-IND filing within one year. The product candidates and

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technology programs are protected by VGX’s extensive global intellectual property portfolio. More information about VGX can be found at www.vgxp.com.

About Inovio Biomedical Corporation

Inovio Biomedical is focused on developing DNA vaccines for cancers and

infectious diseases using its novel method for DNA delivery – electroporation – which uses brief, controlled electrical pulses to increase cellular uptake of useful biopharmaceuticals. Initial human data has shown that Inovio’s electroporation-based DNA delivery technology can significantly increase gene expression and immune responses from DNA vaccines. Immunotherapy partners include Merck, Wyeth, Tripep, Vical, University of Southampton, Moffitt Cancer Center, the U.S. Army, National Cancer Institute, and International AIDS Vaccine Initiative. Inovio’s technology is protected by an extensive patent portfolio covering in vivo electroporation. More information is available at www.inovio.com.




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