LAS VEGAS, July 27, 2006 (PRIMEZONE) -- Samaritan Pharmaceuticals Inc. (AMEX:LIV), a developer of innovative drugs, is pleased to announce that Samaritan has signed a letter of intent ("LOI") whereby Samaritan Pharmaceuticals would acquire all of the shares of Metastatin Pharmaceuticals, Inc.
Metastatin Pharmaceuticals is a development stage biopharmaceutical company engaged in the development of cytostatic and anti-metastatic therapies for the management of cancer. The Company is positioned on the cusp of emerging cancer therapeutic strategies focused on controlling tumor progression and metastasis using molecularly targeted compounds.
Dr. Janet Greeson, CEO of Samaritan stated, "We look forward to integrating this technology into our pipeline to build our Cancer drug portfolio. We plan to develop Metastatin's lead drug candidate, known as recombinant uteroglobin, or rUG, as a replacement therapy for epithelial cell cancers."
"We think this is a great fit for Metastatin. Samaritan is obviously dedicated to developing therapies for cancer as well as several other important areas," commented Donald McGuire, CEO of Metastatin.
The specific terms and conditions of the LOI, including the proposed purchase price are not being disclosed at this time due to the confidentiality restrictions in the LOI and the ongoing due diligence, which could alter such terms and conditions.
About Metastatin Pharmaceuticals, Inc.
Metastatin Pharmaceuticals is a development stage biopharmaceutical company engaged in the development of cytostatic and anti-metastatic therapies for the management of cancer.
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Disclaimer
The company disclaims any information that is created by an outside party and endorses only information that is communicated by its press releases, filings and Website. This news release contains forward-looking statements that reflect management's current beliefs about the potential for its drug candidates, science and technology. However, as with any biopharmaceutical under development, there are significant risks and uncertainties in the process of development and regulatory review. There are no guarantees that products will prove to be commercially successful. For additional information about the factors that affect the company's business, please read the company's latest Form 10-K filed April 13, 2006. The company undertakes no duty to update forward-looking statements.