EXHIBIT 99.1
Contact: Susan Maynard, Secretary
Ophidian Pharmaceuticals, Inc.
Phone: (608) 271-0878
FOR IMMEDIATE RELEASE:
OPHIDIAN PHARMACEUTICALS, INC. ANNOUNCES SHAREHOLDER
APPROVAL OF ASSET SALE AND PLAN OF DISSOLUTION
MADISON (November 9, 2000) - Ophidian Pharmaceuticals,
Inc. (the "Company") (OTC BB: OPHD.OB) announced that
at a special meeting of stockholders held today,
stockholders approved proposals to sell substantially
all of the Company's assets to Promega Corporation and
to grant authorization to the Company's Board of
Directors for the subsequent liquidation, winding up,
and dissolution of the Company pursuant to an approved
Plan of Dissolution.
Pending satisfaction of all of the closing conditions,
the Company expects to proceed promptly to close the
sale of substantially all of its assets to Promega
Corporation. Upon the closing of the asset sale, the
Board of Directors of the Company will determine
whether to liquidate the Company pursuant to the
approved Plan of Dissolution. The amount and timing of
any liquidating distribution to stockholders will be
determined by the Board of Directors and will depend on
a number of factors, including payment or provision for
payment of the Company's debts, expenses, taxes, and
other liabilities, as well as the timing and costs of
liquidating and winding up the Company's business and
affairs.
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The Company also reported that pursuant to applicable
NASDAQ regulations, NASDAQ had delisted the Company's
stock from the NASDAQ SmallCap Market effective
Tuesday, November 7, 2000. Trading and quotation of
the Company's stock is now available through the OTC
Bulletin Board quotation service.
NOTE: This document contains certain forward-looking
statements based on the Company's expectations. There
are certain key factors that could cause future results
to differ from those anticipated by the Company's
management and Board of Directors. Such factors
include, but are not limited to, the conditions that
must be met prior to closing as set forth in the
agreement with Promega, the failure of the asset sale
to close for whatever reasons, purchase price
adjustments, post-closing indemnification obligations,
the completion of satisfactory due diligence for the
asset sale, and the final amounts of the Company's
debts, expenses, taxes, and other costs and liabilities
of liquidating and winding up the Company's business
and affairs.
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