Tobira had intended to IPO, but the reverse merger is a quicker and easier path to the public market. That RGDO shareholders will own about 1/3 of the new company—prior to the new $22 financing—is attributable only to RGDO’s cash balance (about $40M) and its public listing. RGDO has no clinical programs that will go forward (#msg-105617363).
CC next week (1/20/15 at 8:30am ET).
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