Synvista Therapeutics, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share.

Synvista Therapeutics Inc. announced that as part of the company's reduction in workforce, Alex D'Amico, the company's Controller and Principal Accounting Officer, was laid off by the company on February 24, 2009. Wendy A. Milici, the company's principal financial officer, has been acting as the company's Principal Accounting Officer since Mr. D'Amico's departure. On February 20, 2009, the Board of Directors of the company approved an amendment to the company's Certificate of Incorporation to increase the number of shares designated as Series B Preferred Stock from 12,500,000 shares to 14,600,000 shares in order to make such shares available for the payment to the Series B Holders of dividends on such shares of Series B Stock, pursuant to the terms of the Certificate of Incorporation.

Synvista Therapeutics Inc. announced that it has entered into agreements with the current holders of its Series B Preferred Stock, $0.01 par value per share, under which $2,875,000 in accrued dividend obligations relating to the Series B Preferred Stock as of December 31, 2008 has been converted into senior secured promissory notes, due three years from the date of issuance. Interest at the rate of 1.25% per year shall be payable on the notes at maturity. The notes are secured by all of the Company's diagnostic assets, including the Company's HAPTOCHEK(TM) clinical diagnostic test for Hp2-2 diabetes, and its test to measure CML (carboxy-methyllysine), another potential cardiovascular risk marker.