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boom, starting to move, won't be too long now
Merger closing and details should be out sometime soon, as early as today, as late as Friday I would think
what are your thoughts on the merger M?
Innovate received some PPP funds, good news!
On 4/21/20 Innovate Biopharmaceuticals Inc. received $220,205
We need to keep an eye on the P3 trial, as any interim data could send this flying with such as small float. Merger completion should be announced by Friday.
https://clinicaltrials.gov/ct2/show/record/NCT03569007
I have my sunglasses on
Jack over at FMP Securities is looking for north of $4 a share, what's your take on their report?
this is going to explode with the merger completion!!
thanks for the cheapie shares Jack
One of my favorite reads....
The merger of a Triangle public drugmaker and an Israeli outfit led by former Salix leadership could have huge potential for Raleigh and its gastrointestinal (GI) therapeutics.
Innovate Biopharmaceuticals (Nasdaq: INNT) has announced a merger with Israel-based RDD Pharma in a deal that could bring as much as $25 million to a new Raleigh company, as well as new leadership and investors.
The combined company, 9 Meters Biopharma, will be based in Raleigh out of Innovate's current offices. It will be led by RDD CEO John Temperato – a former senior vice president at Salix Pharmaceuticals who helped build it prior to its $16 billion acquisition to Valeant in 2015.
The company's new board will also be led by RDD's current board chairman, Mark Sirgo.
Sirgo – a former board member of Saix– is the CEO of ArunA Bio and vice chairman of Raleigh-based Biodelivery Sciences International (Nasdaq: BDSI). Innovate's current executive chairman, Sandeep Laumas, will contuse to serve as a board member of the new company.
According to the terms of the deal, Innovate will acquire all outstanding stock of RDD in exchange for newly issued shares of its own stock – which will represent about 19.5 percent of its total. At closing, former Innovate stockholders are expected to own approximately 58.5 percent of the company, and RDD stockholders will own at least 41.5 percent of the combined company’s capital stock.
RDD will offer an initial tranche of $10 million, though the investment could be as high as $25 million by the closing of the deal. The company intends to continue publicly trading on Nasdaq markets.
Temperato says the company's investment is largely led by New York-based OrbiMed Advisors. He says RDD was attracted to Innovate because of its existing pipeline – including the first ever Phase 3 trial for a celiac disease treatment – and access to the public markets.
On its own part, Innovate says it was attracted to the deal for access to private capital and leadership expertise.
"What we were looking for was bringing on board a new CEO with a great track record," Laumas says. "And second was bringing in large institutional investors ... and thirdly bringing in a pipeline that adds to our overall story. That creates a combined company that's not just a GI company, but a platform from where we can grow dramatically."
According to its most recent financial filing, Innovate had $13.3 million in cash and cash equivalents with a $6 million dollar loss over the three month period that ended June 30.
Together, the company will employ about 20 in the Triangle, though Temperato says the plan is to grow something "substantial" over time.
"One of the things I learned at my time at Salix is when you want to build out a company, you should do it organically and never get over your skis," he says. "We'll build-out in a very measured approach, be capital efficient in that build-out and bring on headcount accordingly."
there absolutely is! Both short and long term.
yes sir once acquisition closes, this is going to run with the bulls
at least we know there is no pumping going on here
ron, you still there?
2 year price target $20
not to mention the phase 3
Innovate will spike huge with the merger
good to be here
this douche pisses me off, not a man of his word at all, meanwhile I sit here with 3.25Mil shares waiting and waiting and waiting
well it wouldn't be named on their site, it's a private label deal...my point was the label looks like crap
the label looks like it was handmade on not professionally created...who is going to buy that?....
yeah, but not the press release I thought it would be
yes, very weak!! Not what I was expecting. I see the idiot updated the website and apparently does not know how to spell "TICKER"
damn skippy popo
It's going to be a bright, bright, sunshiney day!!
that's a bit ridiculous
GTF Welcome aboard!
I'm thinking they have partnership news too
some big buys today!
I know the mini-mart in north richland hills had product a week ago
I wonder what the size of the PO's were for the distributor in eastern Dallas area
News out this week. Hopefully something substantial
I have no idea
in addition to new partnerships?
What are your products?
We’ve been making great progress. We will be putting news together for release next week. We’re excited to share the information with everyone. Stay safe! $FHBC
— Fernhill Beverage, Inc. (@Fernhillbev) April 15, 2020
news out next week, time to add to my collection.
Soon we'll see them in Texas 7-11's
hmmm, I spy something green