ImmuLogic Votes to Liquidate

Applied Genetics News, April, 1999

The latest casualty of attrition in the ranks of small biotechnology firms is ImmuLogic Pharmaceutical Corp. (610 Lincoln St., Waltham, MA 02154; Tel: 781/466-6000, Fax: 781/466-6010), whose board of directors recently voted to liquidate and dissolve the company. The action will require stockholder approval.

The board anticipates that the liquidation will return $36.7 million--about $1.80 per share--to the stockholders, plus the proceeds realized from the disposition of the shares of Cantab pharmaceuticals plc held by the company. Additional value may be gained from the disposition of the company's lease of their 610 Lincoln St., headquarters. The company will attempt to monetize potential royalty streams from its agreements with Cantab, Sankyo, and Heska. As these revenues are several years in the future, these are unlikely to result in significant additional distributions for stockholders. "With the decision of the board of directors to accept management's plan of liquidation, it is an appropriate time for me to resign as president and CEO," comments J. Joseph Marr, who will continue to serve on the board until the 1999 stockholder's meeting.