PRESS RELEASE
Published on May 30, 2003
EXHIBIT 99.1
Press Release
Contact: WaLisa M. Davenport
eXegenics Inc.
(214) 358-2000
E. Blair Clark (Investors)
Burns McClellan
(212) 213-0006
EXEGENICS RECEIVES UNSOLICITED TENDER OFFER
Dallas, May 30, 2003 -- eXegenics Inc. (Nasdaq: EXEG) yesterday received an
unsolicited offer from EI Acquisition Inc. and Foundation Growth Investments LLC
to acquire all of the outstanding common stock and Series A Convertible
Preferred Stock of eXegenics for $.40 per share. eXegenics' management, Board of
Directors and professional advisors will evaluate the offer, and the Board will
advise eXegenics' stockholders of its response to the offer no later than June
12, 2003. In the interim, eXegenics requests that its stockholders defer making
a determination whether to accept or reject the offer until they have been
advised of eXegenics' position with respect to the offer.
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Safe Harbor
This release contains forward-looking statements. The words "believe," "expect,"
"intend", "anticipate," variations of such words, and similar expressions
identify forward-looking statements, but their absence does not mean that the
statement is not forward-looking. These statements are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this release. eXegenics undertakes no obligation to
update any forward-looking statement to reflect new information, events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.