PROCYON AND CELLPEP TO MERGE VIA ACQUISITION CREATING A NEW GLOBAL BIOPHARMACEUTICAL COMPANY

Procyon Biopharma Inc., a biotechnology company developing innovative therapeutics in the fields of cancer and HIV/AIDS, and Cellpep S.A., a French private biotechnology company developing therapeutics in oncology and infectious diseases, announced today that they have entered into a definitive acquisition agreement under which Procyon has offered to acquire all of the outstanding securities of Cellpep in exchange for a number of common shares equal to $39.1 million in value to be issued to the Cellpep shareholders.

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