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April 11, 2006

NeoRx postpones vote on $65 million financing

Posted by Benjamin J. Romano at 1:45 PM

NeoRx said today it had adjourned for two weeks the special meeting of shareholders meant to vote on a proposed $65 million infusion for the cash-strapped biotech company. As of this morning, the company said, shares represented in person or by proxy did not reach the quorum necessary for the meeting to do business.

Approximtely 16 million shares were voted, representing about 48 percent of the company's outstanding common stock. Approximately 17 million shares, or 50.1 percent of the common stock, is required to establish a quorum.

Of the shares voted, more than 90 percent were cast in favor of both proposals, which must be approved to complete the financing, the company said.

The proposed infusion would be led by major health-care investor MPM Capital, which will own 30 percent of the company's common stock when the deal is complete. Life-sciences merchant bank Bay City Capital, whose co-founder Fred Craves is a longtime NeoRx board member, also is participating, along with Deerfield Management, Abingworth and T. Rowe Price.

The new shares issued would nearly triple NeoRx's current float of 34.3 million shares, giving the latest investors majority control of the company.

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Tricia Duryee
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