LAS VEGAS, Nov. 14, 2006 (PRIMEZONE) -- Samaritan Pharmaceuticals Inc. (AMEX:LIV) a developer of innovative drugs, is pleased to announce today that Samaritan has reached a definitive agreement to acquire all of the stock of Metastatin Pharmaceuticals Inc., a privately held company headquartered in Bethesda, MD.
This acquisition marks Samaritan's further expansion into cancer research. The acquisition agreement was signed following its unanimous approval by Samaritan's Board of Directors. The aggregate purchase price payable by Samaritan for Metastatin Pharmaceuticals will be five hundred thousand (500,000) restricted shares of Samaritan Pharmaceuticals common stock. The transaction is expected to close upon approval of Metastatin shareholders. For additional information about the definitive agreement, see exhibit 10.18 of the company's latest Form 10-Q filed November 14, 2006.
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.
"As Samaritan continues to grow its portfolio in all areas we think Metastatin is a natural addition to their oncology pipeline. Samaritan is dedicated to developing therapies for the treatment of cancer and this acquisition will increase their technology base," commented Donald McGuire, CEO of Metastatin.
Dr. Janet Greeson, CEO of Samaritan stated, "We are extremely pleased. Cancer is the next target area Samaritan intends to focus on and Metastatin's technology fits perfectly into our pipeline development and marketing strategy. In addition, we are always up for the challenge, of developing innovations for critical diseases, which make a difference in people's lives."
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. These therapies will complement current and new cancer treatments that target primary and secondary tumors primarily through cytotoxic means. Look at www.metastatin.com for further information.
Samaritan Pharmaceuticals: "We LIV ... to Save Lives."
Samaritan is a small-cap Biotech, driven to discover, develop and commercialize innovative therapeutics for AIDS, Alzheimer's, cancer and heart disease patients. Look at www.samaritanpharma.com. Please register on Website so we can notify you of upcoming conference calls, news and events.
The Samaritan Pharmaceuticals Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2670
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/A filed November 2, 2006. The company undertakes no duty to update forward-looking statements.