PALO ALTO, Calif.--()--Connetics Corporation (Nasdaq:CNCT), a specialty pharmaceutical company that develops and commercializes dermatology products, today announced that the Company's stockholders approved its merger with Stiefel Laboratories, Inc. at the Special Meeting of Shareholders held on December 20, 2006.
Connetics reported that more than 99% of all shares voted were in favor of the transaction. The votes cast in favor of the transaction constitute more than 77% of all outstanding shares on November 13, 2006, the record date for the Special Meeting. The consummation of the transaction, which remains subject to satisfaction of customary closing conditions as described in the merger agreement, is expected to occur in late December 2006.
About Connetics
Connetics Corporation is a specialty pharmaceutical company focused on the development and commercialization of innovative therapeutics for the dermatology market. Connetics has branded its proprietary foam drug delivery vehicle VersaFoam®. The Company's marketed products are OLUX® (clobetasol propionate) Foam, 0.05%; Luxíq® (betamethasone valerate) Foam, 0.12%; Soriatane® (acitretin) capsules; Evoclin® (clindamycin) Foam, 1%; and Verdeso™ (desonide) Foam, 0.05%, a low-potency topical steroid formulated to treat atopic dermatitis. Connetics is developing Primolux™ (clobetasol propionate) Foam, 0.05%, a super high-potency topical steroid formulation to treat atopic dermatitis and plaque psoriasis; Extina® (ketoconazole) Foam, 2%, to treat seborrheic dermatitis; and Velac® (a combination of 1% clindamycin and 0.025% tretinoin) Gel, to treat acne. Connetics' product formulations are designed to improve the management of dermatological diseases and provide significant product differentiation. In Connetics' marketed products, these formulations have earned wide acceptance by both physicians and patients due to their clinical effectiveness, high quality and cosmetic elegance. For more information about Connetics and its products, please visit www.connetics.com.
Forward-Looking Statements
Except for historical information, this press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act. All statements included in this press release that address activities, events or developments that Connetics expects, believes or anticipates will or may occur in the future, including, particularly, statements about the timing of the closing of the merger with Stiefel, are forward-looking statements. All forward-looking statements are based on assumptions made by Connetics’ management based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond Connetics’ control, and which could cause actual results or events to differ materially from those expressed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks and other factors that are discussed in documents filed by Connetics with the Securities and Exchange Commission from time to time, including Connetics' proxy statement for its special meeting of stockholders filed with the SEC on November 15, 2006. Forward-looking statements represent the judgment of the Company's management as of the date of this release, and Connetics disclaims any intent or obligation to update any forward-looking statements.
Press Release Code: CNCT-G
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