Ardent Enhanced

Enhance Biotech, a biotech company engaged in developing lifestyle druugs, is to merge with Ardent Pharmaceuticals, a leader in discovering and developing delta receptor compounds.

Under the terms of the agreement, Enhance shareholders will retain 55% of the stock in the merged entity, which will continue under the name of Enhance Biotech. Ardent shareholders will acquire 45% of the stock. Chris Every, Enhance Biotech's ceo, will continue as the ceo of the combined entity. Phillip Wise, Ardent Pharmaceuticals' chief financial officer and vp business development, will assume of the role of cfo. Ken Chang, current chairman and founder of Ardent will assume the post of chief science officer and president Asia Pacific operations. A new board of directors will be formed including members from the existing boards of the two companies plus a number of newly elected independent members. The company's operational headquarters will be located in North Carolina with corporate offices in New York and London.

Chris Every commented: 'This merger brings together two companies with large market potential and deep pipelines in synergistic therapeutic areas. Ardent is a recognised discovery and development company with expertise in chemistry, pharmacology and clinical development and has a substantial library of over 1,000 compounds. Their lead compounds are now either in or very close to entering clinical trials in potential blockbuster indications, which we believe will be extremely attractive to potential large pharmaceutical partners. This coupled with Enhance's late stage development portfolio of products focusing on sexual dysfunction and dermatology, gives the combined entity the opportunity to have a broad portfolio of products at market in a relatively short period of time.'

He added: 'The other extremely compelling aspect of this merger is the operational synergies that will be created and the pooling of the combined management resource. In addition to significantly broadening our product offering, Ardent deepens our infrastructure by providing state-of-the-art laboratory and technical trial facilities, a top science team and an expertise in US FDA process to combine with our European experience.'

Enhance Biotech

Enhance Biotech is developing a product portfolio focused upon two key areas of lifestyle drug development; male sexual dysfunction and clinical skincare indications. Key conditions within the sexual dysfunction area include premature ejaculation and male fertility, while skincare indications include periodontal disease, cellulite, anti-aging and dermatological disorders such as atopic dermatitis to psoriasis. Enhance's products are licensed in at pre-clinical or Phase I stages and are being taken through development and approval to market mainly through targeted licensing partnerships for each product, adding significant value to each in the process.

Ardent

Ardent is a world leader in the discovery and development of delta receptor compounds. As a private company they have developed a substantial knowledge of the chemistry and pharmacology of the delta receptor, including a library of approximately 1,000 compounds that demonstrate specific opiate receptor activity. From this expertise Ardent has discovered and is developing compounds in moderate- to-severe pain, urinary incontinence, premature ejaculation, depression and cardioprotection. Development stage for these products ranges from pre-clinical target compound selection through to Phase II.