ZyVersa Therapeutics, Inc., a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop product candidates that address unmet medical needs in the areas of renal and inflammatory diseases, and Larkspur Health Acquisition Corp., a blank-check special purpose acquisition company, announced today that they have entered into a definitive business combination agreement (the “Business Combination Agreement”). The business combination transaction is expected to provide ZyVersa with access to the public equity market, which the parties believe will escalate development of ZyVersa’s renal and inflammasome product candidate pipelines. Upon the business combination transaction closing, which is expected to occur in the fourth quarter of 2022, the combined company is expected to be named ZyVersa Therapeutics, Inc., which will continue to operate under the ZyVersa management team, led by Stephen C. Glover, Co-Founder, Chief Executive Officer, and Chairman. The combined company’s common stock is anticipated to be listed on NASDAQ under ticker symbol “ZVSA.”
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“We are delighted to partner with Larkspur in this business combination. Their management and board have vast experience as investors and operating executives in the biopharmaceutical industry,” stated Mr. Glover. “This merger and entry into the public markets will enable us to escalate development of our pipeline drug candidates for targeted patients with renal and inflammatory diseases, who have the need for disease-modifying drugs that are well tolerated and safe. We believe our drug candidates in development for these patients have potential to meet these needs and help drive improved health outcomes,” added Mr. Glover.
“ZyVersa’s management team has deep scientific and operational experience, and the company has two exciting assets, IC 100 for inflammatory diseases and VAR 200 for renal diseases,” said Daniel J. O’Connor, Chairman and Chief Executive Officer of Larkspur. “IC 100, an inflammasome ASC inhibitor, blocks upstream intracellular initiation of the inflammatory cascade and extracellular perpetuation of inflammation, leading to potential for application in numerous, diverse inflammatory conditions. VAR 200, 2-hydroxypropyl-beta-cyclodextrin, is a cholesterol efflux mediator intended to reduce renal lipid accumulation that contributes to glomerular diseases and their progression. VAR 200’s lead indication is orphan focal segmental glomerulosclerosis