Edge Therapeutics fka EDGE

[l2 hunter]

What Happened
Edge Therapeutics announced its intention to merge with the privately held, clinical-stage cancer immunotherapy company PDS Biotechnology Corp. The boards of both companies approved the proposed transaction, the companies said in a joint press release.

The reverse merger deal is structured as a stock-for-stock transaction in which all PDS shares would be converted into Edge common stock, with the exchange ratio suggesting that immediately following the merger, PDS shareholders will own about 70 percent of the combined company and existing Edge shareholders will hold the remainder.

A reverse merger deal is a transaction in which an active private company merges with a dormant public company in a bid to go public without having to go through the arduous route of a traditional initial public offering.

Edge announced a comprehensive review of strategic alternatives in April in a bid to maximize shareholder value. The decision followed a failed late-stage trial of its aneurysmal subarachnoid hemorrhages treatment candidate, which subsequently forced the company to announce layoffs.