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December 30, 2013
08:53 EDTSNTISenesco Technologies announces letter of intent to merge with Fabrus
Senesco Technologies announced that it has agreed to terms and executed a non-binding Letter of Intent to merge with Fabrus, a privately-held, biotechnology company focused on expanding the clinical impact of antibodies by addressing drug targets resistant to traditional antibody discovery methods. Under the terms of the merger agreement, the present shareholders of Senesco and Fabrus will each receive approximately 50% of the combined companies. Fabrus will merge with a wholly-owned subsidiary of Senesco, and Senesco shareholders will be entitled to hold their existing securities. A non-binding letter of intent has been signed. The parties expect to sign a definitive agreement in early 2014, and close at the same time or shortly thereafter. Additional details of the transaction will be disclosed once an agreement is executed.
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