EXHIBIT 99.1
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| Contacts:
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Media: |
| Corporate:
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GendeLLindheim BioCom Partners |
| Dr. Dale Pfost
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Barbara Lindheim |
| 215 966 6180
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212 918-4650 |
ACUITY PHARMACEUTICALS AND FROPTIX CORPORATION AGREE TO
MERGERS WITH PUBLIC SHELL; NEW COMPANY TO DEVELOP AND
MARKET DRUGS FOR DISORDERS OF THE EYE
—Combined Company to be Re-Named Opko Corporation—
MIAMI, FL—March 27, 2007—Acuity Pharmaceuticals and Froptix Corporation, privately owned
pharmaceutical companies developing novel drugs to treat serious diseases of the eye, and
eXegenics, Inc. (OTC BB: EXEG), a publicly-traded company with no active operations, have executed
a merger agreement that will bring the three companies under one corporate umbrella. The combined
company will be re-named Opko Corporation. It will be headquartered in Miami, Florida and intends
to apply to have its shares listed on the American Stock Exchange (AMEX).
Acuity’s product portfolio includes the pioneering gene silencing agent bevasiranib, which has
successfully completed Phase ll clinical trials for wet age-related macular degeneration (wet AMD)
and diabetic macular edema (DME); a novel product for conjunctivitis in Phase l clinical
development; and a pipeline of preclinical candidates to treat serious ophthalmic disorders.
Froptix has a number of molecules in preclinical development to treat dry age-related macular
degeneration (dry AMD) and other ophthalmic diseases. The new company also intends to develop
selected diagnostic products that are complementary to its ophthalmic therapies.
Dr. Phillip Frost, former chief executive officer and chairman of IVAX Corporation, will become
chairman and chief executive officer of Opko. Dr. Jane Hsiao, former vice chairman and chief
technical officer of IVAX Corporation and Steven D. Rubin, former senior vice president and general
counsel of IVAX Corporation, will serve on Opko’s Board of Directors. Dr. Dale R. Pfost, currently
chairman, president and chief executive officer of Acuity Pharmaceuticals, will become president of
Opko.
As part of the transaction, The Frost Group, a private equity group headed by Dr. Frost, has agreed
to provide Opko with a $12 million line of credit. A portion of this line of credit has already
been committed to help fund the transition to the new organization. Proceeds from this line of
credit, along with the approximately $16 million of cash held by eXegenics, are expected to be
sufficient to fund
the company’s upcoming Phase llI trial of bevasiranib as maintenance therapy for
wet AMD in combination with Lucentis
® and to support continued progress in other programs.
“We believe ophthalmologic disorders offer major opportunities for improved therapies, and we are
optimistic that our new company will develop significant products for the maintenance and
restoration of vision,” said Dr. Frost. “To date, bevasiranib has demonstrated the potential to
treat wet AMD along with an excellent clinical safety
profile, and we intend to pursue advanced clinical trials for its use as part of a treatment
regimen in combination with the VEGF antagonist drugs currently prescribed for this condition.
Froptix is developing novel technology for the treatment of dry AMD, a more prevalent disorder for
which there currently is no effective therapy. The combined product pipelines contain a variety of
other promising compounds for other inflammatory, infectious and degenerative diseases of the eye.”
The transaction between the three parties is expected to close today.
About the Merged Companies
Philadelphia-based Acuity Pharmaceuticals is an ophthalmic pharmaceutical company applying
proprietary technologies to the treatment and prevention of diseases of the eye. Acuity’s lead
clinical compound, bevasiranib, an RNA interference-based molecule targeting vascular endothelial
growth factor (VEGF), completed a Phase II trial in wet AMD and a pilot Phase ll trial in DME.
Bevasiranib demonstrated good safety and encouraging signs of biological activity in both studies.
Acuity is applying its drug development expertise to a growing pipeline of novel agents for
ophthalmic conditions and is also developing proprietary technologies for ocular drug delivery in
support of these programs.
Froptix Corporation has licensed exclusive rights to technology developed at the University of
Florida in Gainesville relating to small molecule therapeutics for retinal and macular
degeneration. It has lead compounds for the treatment of dry AMD and retinitis pigmentosa and an
extensive pipeline of additional small molecule clinical candidates. Over 35 million patients
suffer from dry AMD in the developed world, yet there are currently no available treatment options.
In some patients, dry AMD progresses to wet AMD, a leading cause of adult blindness.
eXegenics, Inc. does not currently have active operations. Previously, it was engaged in the
research, creation and development of drugs for the treatment and prevention of cancer and
infectious diseases
This press release contains “forward-looking statements,” as that term is defined under the
Private Securities Litigation Reform Act of 1995 (PSLRA),regarding product development efforts and
other non-historical facts about our expectations, beliefs or intentions regarding our business,
technologies and products, financial condition, strategies or prospects. Many factors could cause
our actual activities or results to differ materially from the activities and results anticipated
in forward-looking statements. These factors include those described in our filings with the
Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining
regulatory approvals of new, commercially-viable and competitive products and treatments, including
the risks that advanced clinical trials for our lead product candidate, bevasiranib, may not be
commenced or completed on a timely basis or at all, that any of our compounds under development,
including bevasiranib, may fail, may not achieve the expected results or effectiveness and may not
generate data that would support the approval or marketing of products for the indications being
studied or for other indications. In addition, forward-looking statements may also be adversely
affected by general market factors, competitive product development, product availability, federal
and state regulations and legislation, the regulatory process for new products and indications,
manufacturing issues that may arise, patent positions and litigation, among other factors. We do
not undertake any obligation to update forward-looking statements. We intend that all
forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
