US medical devices company Apollo Endosurgery and therapeutic antibodies developer Lpath have completed the merger that was announced in September this year.
Following the completion of the merger, Lpath was renamed as Apollo Endosurgery.
It will start trading on on the NASDAQ Global Market under the symbol ‘APEN’ on 30 December 2016.
With the closing the merger and a 1-for-5.5 reverse stock split, the combined entity’s shares are approximately 10.7 million of common stock outstanding.
The shareholders of Apollo have received common stock representing 95.9% of the outstanding shares and Lpath’s shareholders have retained about 4.1% of the combined company’s stock.
Simultaneously, some shareholders of Apollo have invested about $29m of new equity in the merged company, which is included in the 95.9% ownership of previous Apollo shareholders.
These investors include PTV Healthcare Capital, H.I.G. BioHealth Partners, Remeditex Ventures, Novo A/S and CPMG.
Apollo CEO Todd Newton said: “Apollo has an exciting product and technology portfolio from which to advance the interventional treatment of obesity through less invasive procedures.
“We are grateful for the continued confidence and support of Apollo’s stockholders as we take this next step in the development of our company.”
With the merger now complete, the new company will design, develop and commercialise minimally invasive interventional treatments for obesity.
When the merger news was announced Lpath CEO Gary Atkinson said that the merger with Apollo was finalised after an extensive and thorough review of strategic alternatives.
Last year, Lpath completed the mid-stage clinical development of drug candidates, including iSONEP (sphingomab) in wet age-related macular degeneration and ASONEP (anti-S1P antibody for systemic delivery) in renal cell carcinoma.
Image: The merger agreement was announced in September this year. Photo: courtesy of adamr / FreeDigitalPhotos.net.