JOINT PRESS RELEASE
Published on December 3, 2002
EXHIBIT 99.1
EXEGENICS AND IDDS TERMINATE MERGER AGREEMENT
DALLAS, TX AND NEW YORK, NY, November 25, 2002-- EXEGENICS Inc.
(NASDAQ: EXEG) and privately held INNOVATIVE DRUG DELIVERY SYSTEMS, Inc. (IDDS)
today announced that they have determined that a merger of the two companies is
no longer in the best interest of either company. Accordingly, both companies
have agreed to terminate the merger agreement signed on September 19, 2002. In
connection with the termination, eXegenics will purchase a $500,000 Convertible
Note from IDDS at face amount, and in addition pay IDDS $500,000 to defray, in
part, expenses incurred by IDDS that were associated with this transaction.
ABOUT EXEGENICS
EXEGENICS Inc. is a post-genomics drug creation enterprise engaged in the
discovery of drugs for the treatment of drug-resistant bacterial diseases.
Employing Quantum Core Technology (QCT(TM)), a suite of proprietary
technologies, the Company's scientists create novel small molecular weight 'core
inhibitor' molecules of disease-causing enzymes and proteins. These 'core
inhibitor' candidate drug leads are optimized into novel potential clinical drug
candidates for further preclinical development. The Company's other proprietary
research platform is Optimized Anti-Sense Inhibitory Sequence (OASIS(TM)), which
is used to create antisense molecules that can potentially be developed into
novel drugs. For more information, please visit http://www.eXegenicsinc.com.
ABOUT IDDS
IDDS is a development stage pharmaceutical company focused on the development
and commercialization of innovative treatments for the management of pain. IDDS
has initiated a program strategically positioned to develop unique compounds
that are administered by various routes to treat the moderate to severe pain
syndromes associated with a range of maladies and disease states. Please visit
http://www.IDDS.com.
SAFE HARBOR
This release contains forward-looking statements which are subject to various
risks and uncertainties. Discussion of factors that could cause actual events or
results to differ materially from management's projections, forecasts, estimates
and expectations is contained in the companies' SEC filings. Such statements are
valid only as of today, and we disclaim any obligation to update this
information. These statements are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to differ
materially from the statements made. These statements are based on our current
beliefs and expectations as to such future outcomes. Drug discovery and
development involve a high degree of risk. Factors that might cause such a
material difference include, among others, uncertainties related to the ability
to attract and retain partners for our technologies, the identification of lead
compounds, the successful preclinical development thereof, the completion of
clinical trials, the FDA review process and other governmental regulation, our
pharmaceutical collaborator's ability to successfully develop and commercialize
drug candidates, competition from other pharmaceutical companies, product
pricing and third party reimbursement, and other factors described in our
filings with the Securities and Exchange Commission.