Eloxx Pharmaceuticals Completes Acquisition Transaction with Sevion Therapeutics
Company to focus on advancing the clinical development of ELX-02, a disease-modifying therapy for genetic diseases caused by nonsense mutations
WALTHAM, Mass., REHOVOT, Israel, and SAN DIEGO, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Eloxx Pharmaceuticals Ltd. ("Eloxx") and Sevion Therapeutics, Inc. (OTCQB:SVON) ("Sevion") today announced the two companies have completed their previously announced acquisition transaction effective as of December 19, 2017. The Company will be known as Eloxx Pharmaceuticals, Inc. following the completion of the transaction, and began trading on OTCQB Market under the new name effective as of December 20, 2017.
"This acquisition transaction marks a significant milestone as Eloxx transitions from a private to a publicly-traded company with significantly increased financial resources," said Silvia Noiman, Ph.D., MBA, founder and Chief Executive Officer of Eloxx Pharmaceuticals. "We are now better positioned to advance our development programs and look forward to initiating multiple Phase 2 studies for ELX-02. In parallel, we intend to strengthen our company on all fronts and, most recently, we hired several key employees to support this effort."
At the effective time of the transaction, all of the issued and outstanding ordinary and preferred shares of Eloxx stock were converted, on a pro rata basis, into the right to receive 20,316,656 shares of Sevion common stock, par value $0.01, after giving effect to the 1-for-20 reverse stock split. Following the reverse stock split and post-acquisition, the combined company has approximately 27.6 million shares outstanding.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel small molecule medicines to treat many rare and ultra-rare genetic diseases caused by nonsense mutations. Nonsense mutations are a class of genetic defects that result in premature termination of protein synthesis. As a consequence, patients with a genetic disease caused by nonsense mutations have absent or truncated nonfunctional proteins, accounting for some of the most severe phenotypes in these genetic diseases. Eloxx's lead product candidate, ELX-02, is an optimized aminoglycoside designed to restore full-length functional proteins. Eloxx was founded in 2013 and maintains offices in Waltham, MA, and Rehovot, Israel.
Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not limited to: the Company's ability to continue as a going concern; the ability of the Company to consummate additional financings; the development of the Company's antibody technology; the approval of the Company's patent applications; the Company's ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company's research and development programs and collaborations; the success of the Company's license agreements; the acceptance by the market of the Company's products; the timing and success of the Company's preliminary studies, preclinical research and clinical trials; competition and the timing of projects and trends in future operating performance; and the quotation of the Company's common stock on an over-the-counter securities market, as well as other factors expressed from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update or revise such forward-looking statements to reflect subsequent events or circumstances.
Greg Weaver, CFO
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eloxx Pharmaceuticals via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
JDS Development Group Secures $137 Million Construction Financing From Madison Realty Capital for Distinctive Miami Beach Condominium Monad Terrace25.4.2018 00:43 | Pressemelding
New York-based Madison Realty Capital Provides Final Funding for Pritzker Prize-Winner Jean Nouvel's First Built Work in Miami MIAMI , April 24, 2018 (GLOBE NEWSWIRE) -- New York-based Madison Realty Capital has provided a $137 million construction loan to New York-based JDS Development Group for Monad Terrace. The deal indicates conviction in the development team, the high-design product by Pritzker Prize-winning architect Jean Nouvel and the South Beach market's extremely limited new development inventory and viability. The financing will fully capitalize the project, which features 59 individually-designed waterfront residences. "This is a unique assemblage of land within a prime waterfront residential enclave in South Beach, Miami and we are excited to close another transaction with an esteemed developer like Michael Stern," said Josh Zegen, Co-Founder and Managing Principal of MRC. "In addition, there's virtually no new development product coming out of the ground in South Beach r
Williams Scotsman to Announce First Quarter 2018 Results on May 3, 201824.4.2018 21:59 | Pressemelding
BALTIMORE, April 24, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman") today announced that it will release its first quarter 2018 financial results on Thursday, May 3, 2018, after the markets close. President and Chief Executive Officer Bradley Soultz, and Chief Financial Officer Timothy Boswell will host a conference call and webcast on Friday, May 4, 2018, at 10:00 a.m. EDT to discuss the results for the first quarter. The live call can be accessed by dialing (855) 312-9420 (U.S./Canada toll-free) or (210) 874-7774 (international). A live webcast will also be accessible via the "Events & Presentations" section of the Company's Investor Relations website https://investors.willscot.com. An archived version of the webcast will be available for 60 days following the call. About WillScot Corporation Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Can
Nasdaq Announces Results from 2018 Annual Meeting of Stockholders24.4.2018 20:00 | Pressemelding
Jacob Wallenberg, New Director, Elected to the Board and Nine Directors Re-elected Nasdaq Board Re-elects Michael R. Splinter as Chairman of the Board NEW YORK, April 24, 2018 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq:NDAQ) stockholders today elected all nominated directors at the company's Annual Meeting of Stockholders. All directors will serve one-year terms. Elected board members include: Melissa M. Arnoldi, President of Technology & Operations, AT&T Communications Charlene T. Begley, Retired SVP & CIO, General Electric Company Steven D. Black, Co-CEO, Bregal Investments Adena T. Friedman, President and CEO, Nasdaq Essa Kazim, Governor, Dubai International Financial Center and Chairman, Borse Dubai and Dubai Financial Market Thomas A. Kloet, Retired CEO & Executive Director, TMX Group Limited John D. Rainey, CFO and EVP of Global Customer Operations, PayPal Holdings, Inc. Michael R. Splinter, Retired Chairman and CEO, Applied Materials, Inc. Jacob Wallenberg, Chairman, Investor AB L
Inspiration Updates Proposed Acquisition of Compassion Cannabis24.4.2018 17:00 | Pressemelding
TORONTO, April 24, 2018 (GLOBE NEWSWIRE) -- Inspiration Mining Corporation (CSE:ISM) (the "Corporation") is pleased to announce that its ongoing negotiations with Compassion Cannabis Corp ("Compassion") and the related due diligence is going very well and ahead of the targeted date. The Corporation has commenced discussions pertaining to the terms and conditions of a proposed share exchange agreement and the resulting structure of the Corporation's board of directors. Compassion is a private Ontario company which has expertise to forward various facets of the explosive new market of the marijuana industry, including but not limited to the "Vape" market and dispensary centers for the industry. The Corporation believes that this is an extremely lucrative space with tremendous demand in the medical cannabis industry. The cannabis market is growing exponentially every day with new and exciting innovations in the industry. Compassion has narrowed down its possible research and development l
Barings Supports Liberty Hall on Refinancing of AIM Aerospace24.4.2018 16:00 | Pressemelding
CHARLOTTE, N.C., April 24, 2018 (GLOBE NEWSWIRE) -- Barings, one of the world's leading financial services firms, announced today that it served as the sole agent and lead arranger on first lien senior credit facilities to support Liberty Hall Capital Partners' refinancing of the existing debt of its portfolio company, AIM Aerospace. AIM Aerospace, based in Renton, Washington, is a leading designer and producer of advanced composite structures, systems, engine components and thermoplastic technology for the global aerospace industry. The company supplies thermoset and thermoplastic composite solutions to Tier 1 aero-structure and aero-equipment suppliers and to aircraft original equipment manufacturers (OEMs). "Liberty Hall appreciates the partner-like approach that Barings brought to support our investment in AIM Aerospace," said Rowan Taylor, Liberty Hall's founding Partner. "Barings' creativity in structuring, ability to move quickly and speak for the entire facility helped expedite
Appian Announces Strategic Technology Alliance with Genesys24.4.2018 15:04 | Pressemelding
Companies align development, marketing, and sales to deliver intelligent case management for contact center excellence RESTON, Va., April 24, 2018 (GLOBE NEWSWIRE) -- Appian (NASDAQ:APPN) today announced a strategic technology alliance with Genesys®, the global leader in omnichannel customer experience and contact center solutions. The partnership will benefit organizations seeking next-generation customer engagement solutions that integrate the case management, intelligent automation, and low-code application development capabilities of Appian with the Genesys Customer Experience Platform. "Over the last several years, Serco has used Appian technology, alongside Genesys, to deliver contact solutions to its Federal customers, having processed tens of millions of cases across thousands of contact center agents through our systems. We are excited to hear about the tighter technology partnership between Appian and Genesys as it opens up the possibility to deliver more efficient solutions
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom