BCY LifeSciences signs letter of intent for Pipex Therapeutics business combination

By Jennifer Chiou

New York, Oct. 21 - BCY LifeSciences Inc. announced it entered into a letter of intent to negotiate a business combination with Pipex Therapeutics, Inc.

If negotiations are successful and the companies' boards approve definitive agreements, BCY shareholders will then consider approval of the agreements.

Pipex has agreed to provide BCY with a $50,000 bridge loan, payable in four monthly installments. Details of the proposed business combination have yet to be determined.

BCY management said it advises shareholders the proposed business combination will constitute a reverse take over for the purposes of TSX Venture Exchange policies, resulting in current BCY shareholders holding a minority position in the combined entity.

BCY and Pipex negotiated the letter of intent on an arm's-length basis and will also negotiate any definitive agreements on an arm's length basis.

Ann Arbor, Mich.-based Pipex is a privately held biopharmaceutical company focused on neurologic and fibrotic diseases. Its lead candidate, Coprexa, is for the treatment of neurologically presenting Wilson's disease.

BCY, which has headquarters in Toronto, is a pharmaceutical development company.

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