NitroMed, Inc. (NASDAQ: NTMD) said today that Deerfield Management has
responded to NitroMed’s communication regarding the company’s
willingness to discuss Deerfield’s prior unsolicited proposal to acquire
the company for $0.50 per share in cash. Contrary to NitroMed’s belief
that Deerfield’s expression of interest was in lieu of NitroMed’s
proposed merger with Archemix Corp., Deerfield stated that its proposal
was in lieu of both the proposed sale of NitroMed’s BiDil®
and BiDil XR™ drug business to JHP Pharmaceuticals, LLC and
the proposed merger with Archemix. NitroMed’s directors and its advisors
are reevaluating the Deerfield proposal in light of this clarification.
About NitroMed
NitroMed of Lexington, Massachusetts is the maker of BiDil (isosorbide
dinitrate/hydralazine hydrochloride), an orally administered medicine
available in the United States for the treatment of heart failure in
self-identified black patients. In this population, BiDil is indicated
as an adjunct to current standard therapies such as angiotensin
converting enzyme (ACE) inhibitors and beta blockers. There is little
experience in patients with New York Heart Association Class IV heart
failure. BiDil was approved by the U.S. Food and Drug Administration,
primarily on the basis of efficacy data from the company’s landmark
A-HeFT (African American Heart Failure Trial) clinical trial. For full
prescribing information, visit: www.BiDil.com.
On October 22, 2008, NitroMed entered into a purchase and sale agreement
with JHP Pharmaceuticals, LLC, a privately held specialty pharmaceutical
company, pursuant to which NitroMed has agreed to sell to JHP
Pharmaceuticals substantially all of the assets related to NitroMed’s
BiDil and BiDil XR drug business. The sale of the BiDil and BiDil XR
drug business is subject to NitroMed stockholder approval and other
customary closing conditions. On November 18, 2008, NitroMed and
Archemix Corp., a privately-held biopharmaceutical company, entered into
a merger agreement, pursuant to which Archemix has agreed to merge with
NitroMed in an all-stock transaction. The merger is subject to approval
by Archemix’s and NitroMed’s stockholders, consummation of the sale of
NitroMed’s BiDil and BiDil XR drug business and other customary closing
conditions.
Important Additional Information Will Be Filed with the SEC
NitroMed has filed with the SEC and mailed to its stockholders a
definitive proxy statement in connection with the proposed sale of its
BiDil and BiDil XR drug business to JHP Pharmaceuticals, LLC. The proxy
statement contains important information about NitroMed, the proposed
sale of the BiDil and BiDil XR drug business and related matters.
