PRESS RELEASE
Published on June 12, 2003
EXHIBIT 2
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: WaLisa M. Davenport
eXegenics Inc.
(214) 358-2000
E. Blair Clark (Investors)
Burns McClellan
(212) 213-0006
William Fiske (Information Agent)
Georgeson Shareholder Communications Inc.
Banks and Brokers: (212) 440-9800
All others call Toll-Free: (800) 964-0733
EXEGENICS INC. BOARD UNANIMOUSLY RECOMMENDS REJECTION
OF UNSOLICITED TENDER OFFER
Dallas, June 12, 2003 - eXegenics Inc. (Nasdaq: EXEG) announced today that after
careful consideration, including a thorough review with independent financial
and legal advisors, its Board of Directors has unanimously determined that the
unsolicited tender offer commenced by EI Acquisition Inc., a wholly-owned
subsidiary of Foundation Growth Investments LLC, on May 29, 2003, for all the
outstanding shares of eXegenics at $0.40 per common share and Series A
Convertible Preferred share, is inadequate and not in the best interests of
eXegenics or its stockholders. The basis for the Board's decision is set forth
in a letter mailed to stockholders and eXegenics' Schedule 14D-9, each filed
today with the Securities and Exchange Commission.
Ronald Goode, Chairman of the Board, stated, "The Board takes its fiduciary duty
to act in the best interests of eXegenics' stockholders very seriously. We
believe the amount and timing of the tender offer is inconsistent with the
Board's objective of enhancing stockholder value. It is also important to note
that eXegenics' independent financial advisor, Petkevich & Partners, LLC, has
advised eXegenics that the tender offer is inadequate from a financial point of
view."
eXegenics' stockholders are strongly advised to read eXegenics' Schedule 14D-9
Solicitation/Recommendation Statement carefully and in its entirety so that they
will be fully informed as to the reasons for the Board's recommendation. The
Schedule 14D-9 will be mailed to eXegenics' stockholders, and a free copy may
also be obtained at the SEC's web site at www.sec.gov and at eXegenics' website
at www.eXegenicsinc.com. Stockholders may also obtain, without charge, a copy of
the Schedule 14D-9 by directing requests to eXegenics' Investor Relations
Department.
Petkevich & Partners, LLC is acting as financial advisor and the law firm of
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is acting as legal advisor
to eXegenics.
QUESTIONS RELATING TO THE SCHEDULE 14D-9 MAY BE DIRECTED TO GEORGESON
SHAREHOLDER COMMUNICATIONS INC., THE INFORMATION AGENT, AT 17 STATE STREET -
10TH FLOOR, NEW YORK, NY 10004; BANKS AND BROKERS CALL: (212) 440-9800; ALL
OTHERS CALL TOLL-FREE: (800) 964-0733.
For more information please contact eXegenics at 214-358-2000 or visit our web
site at www.eXegenicsinc.com. Information on our web site is not incorporated in
our SEC filings.
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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.