Cyclo Therapeutics, Inc. (Nasdaq: CYTH) and Applied Molecular Transport Inc. (Nasdaq: AMTI) have successfully concluded their merger, an all-stock transaction that unites the two biotechnology companies. The newly merged entity will operate under the name "Cyclo Therapeutics, Inc." and continue trading on The Nasdaq Capital Market with the ticker symbol "CYTH." Cyclo Therapeutics will maintain its focus on advancing the pivotal Phase 3 global study (TransportNPC™) for Trappsol® Cyclo™, targeting Niemann-Pick Disease Type C1 (NPC1).

Cyclo Therapeutics, expressed confidence and excitement for the future of the company, highlighting the strengthened position resulting from the merger and positive interactions with the FDA. The primary objective going forward is to complete the Phase 3 study and navigate the regulatory submission process, assuming positive outcomes from the pivotal study, with a commitment to providing a much-needed treatment option for NPC patients.

Under the terms of the merger agreement, AMT stockholders will receive 0.1331 shares of Cyclo Therapeutics for each AMT share. Approximately 5,822,720 shares of Cyclo Therapeutics' common stock will be issued to AMT shareholders, constituting around 18.0% of the combined company on a fully diluted basis. The merged company will be headquartered in Gainesville, FL, and led by the existing Cyclo Therapeutics management team. Shawn Cross, CEO and Board Chair of AMT, will join the Cyclo Therapeutics Board of Directors following the transaction's completion.

MTS Health Partners, L.P. served as the financial advisor to AMT, while Fox Rothschild LLP and Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisors to Cyclo Therapeutics and AMT, respectively.

 

Source: businesswire.com

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