Millendo Therapeutics Inc closes merger agreement with OvaScience Inc.
M2 PHARMA-December 10, 2018-Millendo Therapeutics Inc closes merger agreement with OvaScience Inc
(C)2018 M2 COMMUNICATIONS
Biopharmaceutical company Millendo Therapeutics Inc (Nasdaq:MLND) revealed on Friday the completion of its merger agreement with OvaScience Inc following the approval of its stockholders.
Under the merger, Millendo has received total proceeds of USD85.4m, which includes USD35.9m in net cash from OvaScience and USD49.5m from an associated financing.
Headquartered in Ann Arbor, Michigan, the combined company will operate under the name Millendo Therapeutics, which will focus on the further development of its leading orphan endocrine pipeline, including livoletide, a potential first-in-class treatment for Prader-Willi syndrome (PWS) to enter 2b/3 trial in the first quarter of 2019 and nevanimibe, which is in Phase 2b clinical development for the treatment of classic congenital adrenal hyperplasia (CAH). The combined company will operate under the leadership of its president and CEO, Julia Owens. The board of directors is comprised of eight members. Carol Gallagher, Pharm. D. is the new chairman of the board of directors.
Pursuant to the merger, OvaScience completed a one-for-15 reverse stock split, under which, every 15 shares of OvaScience common stock outstanding immediately prior to the merger was combined and reclassified into one share of OvaScience common stock.
Effective 10 December 2018, Millendo Therapeutics' shares will commence trading on the Nasdaq Capital Market under the new ticker symbol "MLND" and will reflect the one-for-15 reverse split in trading.
Following the closing of the merger, Millendo stockholders and option holders own or have rights to acquire 63.3% of the combined company and former OvaScience stockholders will own 16.5% of the combined company.
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|Date:||Dec 10, 2018|
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