Thursday, November 03, 2016 12:18:58 PM
Nov 3, 2016
Albireo Completes Transaction with Biodel to Create Publicly Traded Company Focused on Orphan Pediatric Liver Diseases
— Albireo Pharma, Inc. to trade on The NASDAQ Capital Market under symbol “ALBO” —
— Company to develop novel bile acid modulators to treat orphan pediatric liver diseases, other liver and gastrointestinal diseases —
http://ir.albireopharma.com/releasedetail.cfm?ReleaseID=997477
BOSTON, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc., a clinical-stage orphan pediatric liver disease company developing novel bile acid modulators through its operating subsidiary, today announced the completion of the share exchange transaction between Biodel Inc. (NASDAQ:BIOD) (through November 3) and Albireo Limited and its shareholders and noteholders, effective as of November 3, 2016. The combined organization will be called Albireo Pharma, Inc. and will commence trading on The NASDAQ Capital Market on November 4, 2016 under the symbol “ALBO.”
Completion of the share exchange, together with $10 million in new capital invested prior to the closing by existing Albireo Limited investors, provides approximately $30 million to enable Albireo to advance development of its pipeline, including its lead product candidate, A4250, in development for the treatment of progressive familial intrahepatic cholestasis (PFIC). PFIC is a life-threatening orphan liver disease that affects young children.
“The completion of the share exchange is an exciting step in the evolution of Albireo as we enter the public markets with funding expected to be sufficient to progress A4250 into a planned pivotal trial in PFIC, which we anticipate starting next year,” said Ron Cooper, President and Chief Executive Officer of Albireo. “We believe A4250 has the potential to become a much needed, nonsurgical treatment option for children suffering from PFIC or other rare cholestatic liver diseases.”
On November 3, 2016, prior to the closing of the share exchange, Biodel completed a one-for-thirty reverse stock split. As a result of the reverse stock split, every 30 shares of Biodel common stock outstanding immediately prior to the share exchange was combined and reclassified into one share of Biodel common stock. No fractional shares are being issued in connection with the reverse stock split. Instead of fractional shares, cash will be issued based on the closing price of Biodel common stock on The NASDAQ Capital Market on November 2, 2016.
The holders of ordinary shares of Albireo Limited immediately prior to the share exchange received 0.06999 shares of Biodel common stock in exchange for each ordinary share. This exchange ratio reflects the reverse stock split. Following the reverse stock split and the share exchange, Albireo has approximately 6,294,725 shares outstanding.
The combined organization will operate under the leadership of Albireo’s officers, including: Ron Cooper, President and Chief Executive Officer; Jan Mattsson, Chief Operating Officer; Tom Shea, Chief Financial Officer and Treasurer; Paresh Soni, Chief Scientific Officer; and Pete Zorn, Senior Vice President, Corporate Development and General Counsel. The board of directors of the combined organization is comprised of seven members, including five directors from Albireo Limited’s former board, David Chiswell, Ph.D., Michael Gutch, Ph.D., Heather Preston, M.D., Denise Scots-Knight, Ph.D., and Mr. Cooper, and two directors from the former Biodel board, Julia R. Brown and Davey S. Scoon. Dr. Chiswell is the new Chairman of the Board. The combined organization’s corporate headquarters are in Boston, Massachusetts.
About Albireo
Albireo is a clinical-stage biopharmaceutical company focused through its operating subsidiary on the development of novel bile acid modulators to treat orphan pediatric liver diseases and other liver and gastrointestinal diseases and disorders. Albireo’s clinical pipeline includes two Phase 2 product candidates and one Phase 3 product candidate. Albireo traces its origins to a spinout from AstraZeneca in 2008.
Albireo is located in Boston and its wholly owned direct and indirect subsidiaries are located in London and Gothenburg, Sweden. For more information on Albireo, please visit www.albireopharma.com.
Recent AZN News
- Cellectis Announces Completion of the Additional Equity Investment by AstraZeneca • GlobeNewswire Inc. • 05/06/2024 06:00:00 AM
- CALQUENCE combination regimen demonstrated statistically significant and clinically meaningful improvement in progression-free survival in 1st-line mantle cell lymphoma in ECHO Phase III trial • Business Wire • 05/02/2024 11:00:00 AM
- AstraZeneca unveils latest research across key respiratory and immune-mediated diseases at ATS 2024 showcasing strength of its broad pipeline and portfolio • Business Wire • 05/01/2024 11:05:00 AM
- ENHERTU® (fam-trastuzumab deruxtecan-nxki) improved PFS in HER2-low and ultralow • Business Wire • 04/29/2024 11:00:00 AM
- AbelZeta Announces Abstract for C-CAR031 Accepted for Presentation at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting • PR Newswire (US) • 04/25/2024 12:00:00 PM
- U.S. Futures Drop in Pre-Market Trading as Tech Stocks Plunge After Meta Issues Gloomy Forecast • IH Market News • 04/25/2024 11:53:54 AM
- Southwest Shares Tumble 9.6% Post $231 Million 1Q Loss, AstraZeneca Surges on 19% Annual Increase, and More on Earnings • IH Market News • 04/25/2024 11:52:46 AM
- Q1 2024 results • Business Wire • 04/25/2024 06:00:00 AM
- IMFINZI® (durvalumab) plus chemotherapy doubled overall survival rate at three years for patients with advanced biliary tract cancer in TOPAZ-1 Phase III trial • Business Wire • 04/16/2024 11:00:00 AM
- Paramount Global Board Shrinks, Morgan Stanley Faces Regulatory Probe, and More News • IH Market News • 04/12/2024 11:05:29 AM
- Costco Increases Dividend by 14%, Meta Introduces ‘Artemis’ AI Chip, and More News • IH Market News • 04/11/2024 11:24:54 AM
- FASENRA approved for treatment of children aged 6 to 11 with severe asthma • Business Wire • 04/11/2024 11:00:00 AM
- ENHERTU® Approved in the U.S. as First Tumor Agnostic HER2 Directed Therapy for Previously Treated Patients with Metastatic HER2 Positive Solid Tumors • Business Wire • 04/06/2024 03:10:00 AM
- ENHERTU® (fam-trastuzumab deruxtecan-nxki) approved in the US as first tumor-agnostic HER2-directed therapy for previously treated patients with metastatic HER2-positive solid tumors • Business Wire • 04/06/2024 01:43:00 AM
- IMFINZI® (durvalumab) significantly improved overall survival and progression-free survival for patients with limited-stage small cell lung cancer in ADRIATIC Phase III trial • Business Wire • 04/05/2024 11:00:00 AM
- Datopotamab deruxtecan Biologics License Application accepted in the US for patients with previously treated metastatic HR-positive, HER2-negative breast cancer • Business Wire • 04/02/2024 11:00:00 AM
- Datopotamab Deruxtecan Biologics License Application Accepted in the U.S. for Patients with Previously Treated Metastatic HR Positive, HER2 Negative Breast Cancer • Business Wire • 04/02/2024 06:00:00 AM
- VOYDEYA™ approved in the US as add-on therapy to ravulizumab or eculizumab for treatment of extravascular hemolysis in adults with the rare disease PNH • Business Wire • 04/01/2024 11:00:00 AM
- GameStop Shares Tumble 20% in Pre-Market Trading Amid Revenue Decline, Direct Digital Plummets 42%, and More News • IH Market News • 03/27/2024 10:54:47 AM
- Super Micro Computer and Seagate Shares Surge on Analyst Optimism in Pre-Market Trading, and Latest News • IH Market News • 03/26/2024 11:20:49 AM
- ULTOMIRIS® (ravulizumab-cwvz) approved in the US for the treatment of adults with neuromyelitis optica spectrum disorder (NMOSD) • Business Wire • 03/25/2024 11:00:00 AM
- Unilever Initiates Ice Cream Division Spin-Off and Announces Job Cuts; Berkshire Ramps Up Share Buyback Efforts, and More • IH Market News • 03/19/2024 11:33:10 AM
- AstraZeneca to acquire Fusion to accelerate the development of next-generation radioconjugates to treat cancer • Business Wire • 03/19/2024 11:00:00 AM
- AstraZeneca to acquire Fusion for $2 billion • IH Market News • 03/19/2024 10:52:44 AM
- AstraZeneca caps patient out-of-pocket costs at $35 per month for its US inhaled respiratory portfolio • Business Wire • 03/18/2024 11:00:00 AM
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