27 May 2010
WILMINGTON, N.C. (May 27, 2010) - PPD, Inc. (Nasdaq: PPDI) announced today that, in connection with its proposed spin-off of Furiex Pharmaceuticals, Inc., the Securities and Exchange Commission has declared effective Furiex Pharmaceuticals' Registration Statement on Form 10.
Furiex Pharmaceuticals' common stock is expected to begin trading on a "when issued" basis on May 28, 2010, on Nasdaq under the ticker symbol FURXV (the "V" reflecting the "when issued" status of the stock). The common stock is expected to begin "regular way" trading under the ticker symbol FURX at the start of trading on June 15, 2010, the day following the anticipated completion of the spin-off. All trades in Furiex Pharmaceuticals common stock prior to June 15, 2010, will settle following the completion of the spin-off.
PPD common stock will continue to trade on Nasdaq under its current symbol, PPDI.
As previously announced, PPD expects to complete the spin-off of Furiex Pharmaceuticals on June 14, 2010, to PPD shareholders of record on June 1, 2010. Shareholders of record of PPD will receive a pro-rata dividend of one share of Furiex Pharmaceuticals common stock for every 12 shares of PPD common stock. Any fractional shares will be paid in cash.
About Furiex Pharmaceuticals
Furiex Pharmaceuticals is a drug development collaboration company using innovative clinical development design to accelerate and increase value of partnered drug programs by advancing them through Phase II in a cost efficient manner. Development programs are designed and driven by a core team with extensive drug development experience. The company partners with pharmaceutical and biotechnology companies and has a strong, diversified product portfolio and pipeline with multiple therapeutic candidates including late-stage assets and one product on the market. The company is well capitalized with a strong cash position and committed to sustainable growth, value creation and long-term profitability.