Deerfield Management Increases Its Offer For NitroMed (NTMD)

January 22, 2009 12:55 PM EST

The board of directors of NitroMed, Inc. (NASDAQ: NTMD) further adjourned its special meeting of stockholders, scheduled to be reconvened today to approve the sale of substantially all of NitroMed's assets to JHP Pharmaceuticals, LLC, until January 27, 2009 at 10:00 a.m. at the offices of WilmerHale, 60 State Street, Boston, Massachusetts.

NitroMed said that Deerfield Management had revised its previously disclosed offer to acquire NitroMed from an offer that Deerfield estimated would be for at least $.75 per share to an offer that NitroMed estimates at approximately $.80 per share, subject to adjustment for NitroMed's net cash balances at closing. NitroMed is currently engaged in discussions regarding the Deerfield proposal, subject to the obligations under NitroMed's agreements with JHP Pharmaceuticals, LLC and Archemix Corp. There can be no assurance that NitroMed and Deerfield will reach any agreement as to any alternative proposal to the previously announced transactions with JHP Pharmaceuticals, LLC and Archemix Corp.

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NitroMed of Lexington, Massachusetts is the maker of BiDil (isosorbide dinitrate/hydralazine hydrochloride), an orally administered medicine available in the United States for the treatment of heart failure in self-identified black patients.

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