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Cynapsus Therapeutics Announces Completed Acquisition of Adagio Pharmaceuticals

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The Transaction received final approval of the board of directors of Cynapsus on December 15, 2011.
“Cynapsus is focused on advancing our Parkinson’s drug candidate, APL-130277, and the original patent rights and know how held by Adagio are critical to the Corporation’s long term objectives,” said Rochelle Stenzler, Chairman of Cynapsus. “This acquisition ensures ownership of those rights by Cynapsus and also converts the Adagio shareholders to Cynapsus shareholders and aligns everyone’s interests.”

“This important realignment of interests, paves the way for all of us to focus on developing and delivering on the potential value of APL-130277,” said Anthony Giovinazzo, President and Chief Executive Officer of Cynapsus.

The Transaction terminates the License Option Agreement dated July 22, 2010 entered into between Cynapsus and Adagio with respect to the intellectual property owned by Adagio concerning the APL-130277 patent rights and know-how.