Rafael Holdings, Inc. (RFL), and Cyclo Therapeutics, Inc. (CYTH) Thursday said they have agreed to combine, by Rafael issuing its class B shares to Cyclo shareholders, based on an exchange ratio valuing Cyclo Therapeutics shares at $0.95 per share.
The combined company plans to focus on the development of Cyclo Therapeutics' Trappsol Cyclo for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease.
Phase 3 study of Trappsol Cyclo dubbed TransportNPC in Niemann-Pick Disease Type C1 is underway. Results from the 48-week interim analysis are expected in the middle of 2025.
"Rafael Holdings is excited to join forces with Cyclo Therapeutics to make Trappsol Cyclo our lead clinical program. We are committed to the program and will leverage our resources to help bring this much needed treatment option to NPC patients," said Bill Conkling, President and CEO of Rafael Holdings.
Cyclo Therapeutics shares were down more than 20 percent in pre-market.
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