Cyclo Therapeutics, Inc, a clinical stage biotechnology company focused on developing transformative therapies for rare and neurological diseases with limited treatment options, and Applied Molecular Transport Inc, a biopharmaceutical company, announced today the closing of its previously announced transaction pursuant to which AMT will merge with Cyclo Therapeutics in an all-stock transaction.
The combined company will now operate under the name “Cyclo Therapeutics, Inc.” and will continue trading on The Nasdaq Capital Market under the ticker symbol “CYTH”. Cyclo Therapeutics’ primary focus will continue to be on advancing its pivotal Phase 3 global study (TransportNPC™) evaluating Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1).
“The completion of this merger with Applied Molecular Transport represents a significant milestone and bolsters our confidence and excitement for the future of Cyclo Therapeutics. With the merger now closed and following our recent positive Type C meeting with the FDA, fundamentally the Company has never been stronger,” commented N. Scott Fine, CEO of Cyclo Therapeutics. “Moving forward, we are focused on completing our Phase 3 study and executing on the regulatory submission process, assuming a successful outcome in our pivotal study. We remain dedicated to providing a much-needed treatment option for NPC patients.”
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As previously announced, under the terms of the merger agreement, AMT stockholders will receive 0.1331 shares of Cyclo Therapeutics in exchange for each of their shares in AMT. Cyclo Therapeutics expects to issue approximately 5,822,720 shares of Cyclo Therapeutics’ common stock to AMT shareholders, equating to approximately 18.0 % of the combined company on a fully diluted basis.
The combined company will be led by the existing Cyclo Therapeutics management team and will be headquartered in Gainesville, FL. Subsequent to the closing of the transaction, Shawn Cross, Chief Executive Officer and Board Chair of AMT has been appointed to the Cyclo Therapeutics Board of Directors.
MTS Health Partners, L.P. acted as financial advisor to AMT in connection with the transaction. Fox Rothschild LLP served as legal advisor to Cyclo Therapeutics and Wilson Sonsini Goodrich & Rosati, P.C. served as legal advisor to AMT.
SOURCE: Businesswire