Myrexis (MYRX +4%) trades up after saying that its board of directors has has decided to no longer pursue its previously announced plan of complete liquidation and dissolution, and has cancelled the special meeting of its shareholders. The board plans to instead implement new arrangements, including the declaration of a special cash distribution to shareholders of $2.86 per share, payable to shareholders of record at the close of business on Feb 4.
Myrexis (MYRX) says its Board of Directors has opted, subject to shareholder approval, to dissolve the company and liquidate its assets. The company intends to distribute all available cash, except such cash as is required for paying or making reasonable provision for known and potential liabilities and other obligations of the company. The board is calling a special meeting of the shareholders to seek approval, and will file proxy materials with the SEC as soon as practicable.
Myrexis (MYRX) suspends development activity on all its programs, saying it's been unsuccessful to date in identifying and attracting third parties to whom it could out-license or sell assets for further development. In February, the company announced that it had suspended development activity on all of its preclinical and clinical programs, and retained Stifel Nicolaus Weisel to assist in reviewing and evaluating strategic alternatives.
Biotech developer Myrexis (MYRX +1.2%) bucks a weak tape to close higher after it announces plans to reduce its workforce by 20% in its second restructuring this year, a move prompted by its September suspension of the development of then-lead drug candidate Azixa.
Javelin Pharmaceuticals (JAV +61.2%) delivers a notice of intent to terminate its merger agreement with Myriad Pharmaceuticals (MYRX +7.1%) after receiving a buyout offer from Hospira (HSP -0.2%) for $2.20 per share. (PR)