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CohBar Stock Doubles: Company Agrees To Merge With Morphogenesis To Advance Late-Stage Oncology Candidates
22 May 2023
AcquisitionImmunotherapyIPO
Privately-held Morphogenesis Inc has agreed to combine with CohBar Inc (NASDAQ: CWBR) in an all-stock transaction forming a company combining expertise and resources to advance a late-stage oncology pipeline. The combined company will focus on advancing Morphogenesis' two technologies that seek to overcome the major obstacles that limit the effectiveness of current immunotherapies in treating cancer. The combined company is expected to operate under the name "TuHURA Biosciences Inc" and to trade on The Nasdaq Capital Market. The transaction is expected to close in Q3 of 2023. The lead asset, IFx-Hu2.0, is expected to enter Phase 2/3 registration trial as the first-line treatment for Merkel Cell Carcinoma in early 2024. Under the terms of the merger agreement, each holder of CohBar common stock will be issued a dividend equal to approximately 3.30 shares of CohBar common stock. On a pro forma basis, CohBar equity holders are expected to own approximately 15%, and pre-merger Morphogenesis equity holders are expected to own approximately 77%. CohBar also entered into a $15 million PIPE, with an anticipated cash runway through 2024. Following the merger, the combined company will be headquartered in Tampa, Florida, and the executive officers are expected to be James Bianco, as CEO, and Dan Dearborn, as CFO. Price Action: CWBR shares are up 157.60% at $3.99 on the last check Tuesday. Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better. This article CohBar Stock Doubles: Company Agrees To Merge With Morphogenesis To Advance Late-Stage Oncology Candidates originally appeared on Benzinga.com.
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