SyntheMed, Inc. Announces Stockholder Approval of Planned Merger With Pathfinder, LLC
RINGWOOD, N.J., Aug. 25, 2011 /PRNewswire/ — SyntheMed, Inc. (OTC Bulletin Board: SYMD; Pink Sheets: SYMD) announced that its stockholders approved the planned merger with Pathfinder, LLC at SyntheMed’s special meeting of stockholders held today. In excess of 99% of the votes cast were voted in favor of the merger. The proposed merger with Pathfinder was previously announced and is described in detail in SyntheMed’s definitive proxy statement filed with the Securities and Exchange Commission on July 26, 2011. The merger has been approved by Pathfinder’s members and is expected to close in the next ten days, subject to satisfaction or waiver of customary and other closing conditions.
Dr. Richard Franklin, M.D., Ph.D., SyntheMed’s Executive Chairman, and CEO and President of Pathfinder, commented, “I am pleased at the support shown by SyntheMed’s stockholders. Pathfinder has great potential, and I look forward to closing the merger and beginning a new direction for the Company.”
Pathfinder is developing a novel cell-based therapy with the potential to revolutionize the treatment of diabetes, renal disease, myocardial infarction, and other diseases characterized by organ-specific cell damage. Leveraging its internal discovery of Pathfinder Cells (“PCs”) and a proprietary means of isolating these cells from surrounding tissue, Pathfinder is pioneering a new field in regenerative medicine. PCs are a newly identified mammalian cell type present in very low quantities in a variety of different organs, including the kidney, liver, pancreas, lymph nodes, myometrium, bone marrow and blood.
Early studies indicate that PCs stimulate regeneration of damaged tissues without the cells themselves being incorporated into the new tissue. The cells are “immune privileged”, and their effects are independent of the tissue source of PCs. PCs isolated from both rat and human tissue sources have shown efficacy in animal models of diabetes, cardiac ischemia, and renal reperfusion injury.
For more information please visit: www.pathfindercelltherapy.com.
SyntheMed is a biomaterials company focused on the development and commercialization of anti-adhesion and drug delivery products, and other surgical implants. The Company’s research and development initiatives encompass a broad range of bioresorbable polymeric compositions which blend both hydrophilic and hydrophobic components. For more information about SyntheMed please visit: www.synthemed.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements or predictions, including statements regarding the potential closing of the merger and the timing thereof, the characteristics and possible uses of the product candidates of each of Pathfinder and SyntheMed and the potential benefits or value to SyntheMed’s stockholders of the merger. Actual results may differ materially from these statements. For risks associated with the merger and Pathfinder, please see SyntheMed’s definitive proxy statement filed with the SEC on July 26, 2011. For risks associated with SyntheMed’s business, please see SyntheMed’s Form 10-K filed with the SEC on March 25, 2011.
For more information, please contact:
Executive Chairmain, SyntheMed, Inc.
President and CEO, Pathfinder Cell Therapy, Inc.
SOURCE SyntheMed, Inc.