logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Chico's FAS Inc. (CHS) Tuesday reported a wider year-over-year net loss for the fourth quarter. Meanwhile, Kohl's Corp.'s (KSS) fourth-quarter net income grew 29 percent from the previous year. But Abercrombie & Fitch Co.'s (ANF) fourth-quarter net income decreased 1 percent from the prior year. The U.S. Food and Drug Administration has approved the marketing of a new robotically-assisted surgical device (RASD) that can facilitate transvaginal hysterectomy in certain patients using minimally-invasive surgical instruments. The Hominis Surgical System of Memic Innovative Surgery Ltd., the U.S. subsidiary of Israeli biotechnology company memic Ltd., has been granted marketing authorization. Canadian cannabis company Canopy Growth Corp. (CGC, WEED.TO) announced Tuesday the launch of its Cannabidiol (CBD) beverage brand Quatreau in the high-potential U.S. market. Quatreau will be sold on Canopy's one-stop U.S. e-commerce destination, www.shopcanopy.com. Quatreau is a premium ready-to-drink...
RELATED NEWS
Follow RTT