Thursday, November 16, 2017 4:12:14 PM
HOD HASHARON, Israel, November 16, 2017 /PRNewswire/ --
Wize Pharma, Inc. (formerly known as OphthaliX, Inc.) (Wize) (OTC Pink: WIZP) today announced the closing of its previously announced merger with Wize Pharma Ltd., a clinical-stage biopharmaceutical company (Wize Israel), focused on the treatment of ophthalmic disorders. In connection with the merger, Wize Israel's ordinary shares were delisted from the Tel Aviv Stock Exchange and from November 16, 2017, Wize's common stock will be quoted on the OTC Pink under the symbol "WIZP".
"Wize's transition to the U.S. public market marks a significant milestone for us, and serves as testament to the determination of our team as well as the support of our investors to date," stated Ron Mayron, Chairman of the Board of Directors of Wize. "Wize's team is passionate about helping those who suffer from DES, CCH and Sjögren's and will pursue opportunities to expand the markets in which our LO2A products are available to treat such conditions. We believe Wize presents an attractive business opportunity with our market potential."
Upon completion of the merger, the shareholders of Wize Israel have become the majority owners of Wize. Post-merger, Wize has approximately 105 million shares of common stock outstanding with pre-merger Wize Israel shareholders collectively owning 90% of the outstanding shares, and pre-merger OphthaliX stockholders collectively owning 10% of the outstanding shares.
As a result of the merger, the business of Wize Israel became the ongoing business of Wize. Wize will be led by Wize Israel's current management team, Or Eisenberg (Acting CEO and CFO) and Noam Danenberg (COO).
About Wize
Wize Pharma, Inc. (formerly known as OphthaliX, Inc.) is a clinical-stage biopharmaceutical company currently focused on the treatment of ophthalmic disorders, including dry eye syndrome (DES). Wize has in-licensed certain rights to purchase, market, sell and distribute a formula known as LO2A, a drug developed for the treatment of DES, and other ophthalmological illnesses, including Conjunctivochalasis (CCH) and Sjögren's syndrome (Sjögren's). LO2A is currently registered and marketed by its inventor in Germany and Switzerland for the treatment of DES, in Hungary for the treatment of DES and CCH and in the Netherlands for the treatment of DES and Sjögren's. Wize's strategy involves engaging local or multinational distributors to handle the distribution of LO2A, with the goal of becoming a leading company in its field.
Forward Looking Statements
Wize cautions you that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan," "anticipate," "believe," and "will," among others. For example, when we discuss our market potential, we are using a forward-looking statement. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Wize's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks related to the substantial debt that we have incurred; our needs for additional financing; our dependence on a single compound, Lo2A and on the continuation of our license to commercialize LO2A; our inability to expand our rights under our license of LO2A; the initiation, timing, progress and results of our trials and product candidate development efforts; our ability to advance LO2A into clinical trials or to successfully complete our preclinical studies or clinical trials; our receipt of regulatory approvals for LO2A, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of LO2A; our ability to establish and maintain corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights covering LO2A and our ability to operate our business without infringing the intellectual property rights of others; estimates of our expenses, future revenues, and capital requirements; competitive companies, technologies and our industry; and statements as to the impact of the political and security situation in Israel on our business. More detailed information about the risks and uncertainties affecting Wize is contained under the heading "Risk Factors" included in Wize's Registration Statement on Form S-4 filed with the SEC on September 5, 2017, and in other filings that Wize has made and may make with the SEC in the future. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Wize does not undertake any obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
For all investor enquiries, please contact:
Noam Danenberg
Chief Operating Officer
+972-72-260-0536
noam@wizepharma.com
SOURCE Wize Pharma Ltd
Recent MIGI News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 01:00:28 PM
- Mawson Infrastructure Group Announces Hiring of Head of Corporate Strategy and Head of Corporate Development • GlobeNewswire Inc. • 05/09/2024 08:35:32 PM
- Mawson Infrastructure Group Announces Expansion Plans at Midland, Pennsylvania Facilities • GlobeNewswire Inc. • 04/30/2024 01:15:32 PM
- Mawson Infrastructure Group Inc. Announces Monthly Operational Update for March 2024 • GlobeNewswire Inc. • 04/18/2024 11:00:53 AM
- Mawson Infrastructure Group Inc. Announces New Board Chair • GlobeNewswire Inc. • 04/15/2024 09:15:22 PM
- Mawson Infrastructure Group Inc. Reports Q4 and Fiscal Year 2023 Financial Results • GlobeNewswire Inc. • 04/01/2024 10:05:07 AM
- Mawson Infrastructure Group Expands Co-Location Business • GlobeNewswire Inc. • 03/27/2024 12:50:58 PM
- Mawson Infrastructure Group Inc. Announces Monthly Operational Update for February 2024 • GlobeNewswire Inc. • 03/19/2024 12:50:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 01:00:38 PM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 03/07/2024 02:43:20 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:26:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:25:47 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 03/06/2024 02:37:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 10:16:07 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/16/2024 01:50:55 PM
- Mawson Infrastructure Group Inc. Announces Monthly Operational Update for January 2024 • GlobeNewswire Inc. • 02/16/2024 01:45:24 PM
- Mawson Infrastructure Group Inc. Executes Another Customer Co-Location Agreement • GlobeNewswire Inc. • 02/06/2024 02:00:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/16/2024 01:50:32 PM
- Mawson Infrastructure Group Inc. Announces Monthly Operational Update for December 2023 • GlobeNewswire Inc. • 01/16/2024 01:45:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/29/2023 10:15:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/21/2023 10:15:48 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/20/2023 09:37:03 PM
- Mawson Infrastructure Group Inc. Announces Monthly Operational Update for November 2023 • GlobeNewswire Inc. • 12/20/2023 09:35:29 PM
- Mawson Infrastructure Group Inc. Executes New Customer Co-Location Agreement • GlobeNewswire Inc. • 12/19/2023 10:11:07 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM