Nanogen Completes Acquisition of SynX Pharma Inc.

    SAN DIEGO and TORONTO, April 21 /PRNewswire-FirstCall/ -- Nanogen, Inc.
 (Nasdaq:   NGEN) and SynX Pharma Inc. (TSX: SYY) announced today that Nanogen
 completed its acquisition of all of the common shares and debentures of SynX,
 pursuant to a plan of arrangement, in exchange for shares of Nanogen common
 stock.  SynX is now a wholly-owned subsidiary of Nanogen.
     Pursuant to the plan of arrangement, each SynX shareholder is entitled to
 receive 0.123 shares (the "Exchange Ratio") of Nanogen common stock per SynX
 common share.  Accordingly, approximately 1.6 million shares of Nanogen common
 stock are issuable to former SynX shareholders and to holders of replacement
 warrants and options.  In addition, the CDN$3.5 million principal amount of
 subordinated secured debentures of SynX (together with unpaid interest) were
 acquired in exchange for approximately 300,000 shares of Nanogen common stock.
     The acquisition will provide Nanogen with a pipeline of complementary
 products in order to expand its market share in the in vitro diagnostics
 market and augments its technology platform for developing advanced diagnostic
 products.  As announced in July 2003, SynX obtained a worldwide license to the
 Congestive Heart Failure (CHF) marker NT-proBNP (N-terminal pro-hormone brain
 natriuretic peptide) from Roche Diagnostics to develop a test for the
 point-of-care market.  Nanogen plans to seek European regulatory clearance for
 its CHF product in mid-2004 and U.S. Food and Drug Administration 510(k)
 clearance in the second half of 2004.  Analysts predict the BNP market will
 have above-average growth and will reach approximately US $300 million by 2005
 as use increases internationally.
     As a Nanogen subsidiary, SynX will continue to market point-of-care
 diagnostic tests for myocardial infarction in Europe and Canada, and for
 infectious diseases and drugs of abuse in Canada.  In addition to the CHF
 product, SynX has been developing a pipeline of tests to be marketed under the
 brand name Nexus Dx(TM) for insulin resistance, traumatic brain injury and
 Alzheimer's disease.  SynX has also developed diagnostic tests for stroke,
 which as previously announced, have been licensed to Genzyme Corporation.
     "The acquisition of SynX furthers our strategy to commercialize advanced
 diagnostics that enhance the level of medical care for the detection,
 diagnosis, monitoring and treatment of disease," said Howard Birndorf, Nanogen
 chairman and chief executive officer.  "We welcome the SynX team and look
 forward to joining efforts to commercialize our combined pipeline of genetic,
 infectious disease and point-of-care products," added Birndorf.
     Seven Hills Partners, LLC acted as the financial advisor to Nanogen in
 this transaction.  The Seidler Companies, Orenda Corporate Finance Ltd. and
 First Associates Investments Inc. acted as financial advisors to SynX on this
     About Nanogen
     Nanogen, Inc. develops and commercializes products for the in vitro
 diagnostics market.  The company seeks to establish the unique,
 open-architecture NanoChip(R) Molecular Biology Workstation and NanoChip(R)
 Cartridge as the standard platform for the prediction, diagnosis and treatment
 of genetic and infectious diseases.  Nanogen offers Analyte Specific Reagents
 and related products to research and clinical reference labs for the
 development of tests for the detection of genetic mutations associated with a
 variety of diseases, such as cystic fibrosis, Alzheimer's disease, and
 cardiovascular disease.  The company's ten years of research involving
 nanotechnology may also have future applications in medical diagnostics,
 biowarfare and other industries.  For additional information please visit
 Nanogen's website at
     Forward-Looking Statement
     This press release contains forward-looking statements that are subject to
 risks and uncertainties that could cause actual results to differ materially
 from those set forth in the forward-looking statements, including whether the
 acquisition of SynX will achieve the synergies and other benefits anticipated,
 whether SynX and Nanogen will receive regulatory approval for the Congestive
 Heart Failure product on the planned schedule, if at all, whether patents
 owned or licensed by Nanogen will be developed into products, whether the SynX
 business unit will become cash flow positive as expected, whether Nanogen's
 NanoChip(R) System can be successfully further commercialized, whether other
 products under development and point-of-care products can be successfully
 developed and commercialized, whether results reported by our customers or
 partners can be identically replicated, whether ASRs currently sold by Nanogen
 will become FDA-approved molecular diagnostic test kits, whether Nanogen will
 be successful in developing additional ASRs and protocols utilizing the
 NanoChip(R) System, whether current trends in product revenue will continue in
 the future, and other risks and uncertainties discussed under the caption
 "Factors That May Affect Results" and elsewhere in Nanogen's Form 10-K for the
 year ended December 31, 2003 filed with the Securities and Exchange
 Commission.  These forward-looking statements speak only as of the date
 hereof. Nanogen disclaims any intent or obligation to update these
 forward-looking statements.

SOURCE Nanogen, Inc.; SynX Pharma Inc.

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.


PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.