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MyMD Pharma, Akers Biosciences To Merge

MyMD Pharmaceuticals Inc. and Akers Biosciences Inc. (AKER) said that they have entered into a definitive merger agreement. The combined company is expected to be renamed MyMD Pharmaceuticals Inc. and remain listed on the Nasdaq under the new ticker symbol "MYMD."

The combined company will be led by Chris Chapman, who will become President and Chief Medical Officer of MyMD, and Adam Kaplin, who will become Chief Scientific Officer of MyMD. The combined company is planned to be headquartered in Baltimore, Maryland.

Current Akers' shareholders will own about 20% of the combined company and current MyMD's shareholders will own about80% of the combined company.

The merger agreement also provides for additional contingent payments in cash and shares to the stockholders of MyMD under certain circumstances. The merger is expected to close in the first half of 2021,

Akers agreed to loan MyMD up to $3 million pursuant to a secured promissory note. The note bears interest at 5% per annum, has a maturity date of April 15, 2022 and is secured by a first lien on MyMD's assets.

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