Myrexis board approves liquidation and dissolution plan

US cancer and autoimmune diseases drug developer Myrexis (Nasdaq: MYRX) said on Friday that its board of directors has determined, after extensive and careful consideration of potential strategic alternatives, that it is in the best interests of the company and its shareholders to dissolve the firm and liquidate its assets.

Based on the estimated reserve, Myrexis believes that it will pay its shareholders between $72.9 million and $77.9 million, or around $2.72 to $2.91 per share, based on the common stock outstanding as of November 2. The news saw shares of Myrexis, a mid-2009 spin-out of Myriad Genetics, rise up to 23% to $2.87 in extended trading, having closed at $2.34 in normal hours.

In connection with the dissolution and liquidation, which is subject to shareholder approval, the company intends to distribute to its shareholders all available cash, except such cash as is required for paying or making reasonable provision for known and potential liabilities and other obligations of Myrexis.