VaxGen and Raven to Merge

Two South San Francisco biotech firms, the struggling VaxGen and Raven biotechnologies, inc., have agreed to merge in an all-shares transaction.

Shareholders in VaxGen, which has suffered a series of well-publicised setbacks including the failure of an AIDS vaccine in 2003, delisting from Nasdaq in 2004 and the loss of a U.S. government anthrax vaccine contract in 2006, will retain a majority ofshares in the new company, the company said in a statement released Monday. Vaxgen will also assume the privately-held Raven’s debt and equipment lease obligations of approximately $1.8 million, and move its headquarters to Raven’s offices.

Vaxgen is required as part of the merger to relist with a national stock exchange, a step that company officials said is underway.

The merged company’s board will include four Vaxgen board members and three Raven board members. Raven CEO George F. Schreiner will serve as CEO and director of the new company, with Vaxgen President and CEO James P. Panek to serve as president and chief operating officer.

The combined company will have one compound for major cancer indications in clinical development, four oncology product candidates in preclinical development, and a library of antibodies to novel cancer antigens, the companies said in a statement.

‘King Tides’ give San Francisco a watery glimpse of its future

City seeks solutions as coastal flooding could become the new normal

By Jessica Wolfrom
Re-fund the police? Even California’s cannabis shops want more cops amid robbery spree

Bay Area murder and robbery spike reveals shortcomings of ‘defund’ argument

By The Examiner Editorial Board
Banksy Warning Sign NFT for Sale!

To commemorate that 20th anniversary of September 11, Gloss (www.instagram.com/gloss), the team behind the world’s largest arts and media company, is…

By SF Examiner