Posted by Cyclo Therapeutics, (Cyclo) a clinical stage company focused on developing therapies for rare and neurological diseases with limited treatment options, and Applied Molecular Transport (AMT) have entered into a definitive agreement in which AMT will merge with Cyclo in an all-stock transaction.
The combined company will operate under the name “Cyclo Therapeutics, Inc.” and will continue trading on The Nasdaq Capital Market. The combined company will focus on advancing Cyclo Therapeutics’ pivotal phase 3 global study evaluating Trappsol Cyclo for Niemann-Pick disease Type C1 (NPC1).
According to N. Scott Fine, CEO of Cyclo Therapeutics, this transaction bolsters their cash position to complete their phase 3 study and support operations through the regulatory submission process, assuming a successful outcome in the pivotal study.
Cyclo Therapeutics remains dedicated to bringing their NPC global pivotal program, which is on track to complete enrollment by the end of 2023, across the finish line towards approval.
Cyclo Therapeutics’ investigational Trappsol Cyclo™ has orphan drug status in the United States and Europe, and is the subject of four formal clinical trials for Niemann-Pick Disease Type C, a rare and fatal genetic disease.
The company is also conducting a phase 2b clinical trial using Trappsol Cyclo intravenously in early Alzheimer’s disease based on encouraging data from an Expanded Access program for Alzheimer’s disease.
Shawn Cross, CEO of Applied Molecular Transport said „Following an extensive and thorough strategic review process, we view this merger with Cyclo Therapeutics as the best path forward for AMT shareholders given the promise and potential of its late-stage program in NPC1.” Under the terms of the merger agreement, AMT stockholders will receive 0.1331 shares of Cyclo Therapeutics for each AMT share. Approximately 5,822,720 shares of Cyclo Therapeutics’ common stock will be issued to AMT shareholders, constituting around 18.0% of the combined company on a fully diluted basis. The merged company will be headquartered in Gainesville, FL, and led by the existing Cyclo Therapeutics management team. Shawn Cross, CEO and Board Chair of AMT, will join the Cyclo Therapeutics Board of Directors following the transaction’s completion.
source: https://www.medicalbuyer.co.in/cyclo-therapeutics-completes-merger-with-applied-molecular-transport/