Biotech Values

[DewDiligence]

DFFN reverse-merges with—(private)—EIP Pharma—merged company to be called CervoMed:

https://www.globenewswire.com/news-release/2023/03/30/2637499/0/en/EIP-Pharma-and-Diffusion-Pharmaceuticals-Announce-Merger-Agreement-to-Create-Leading-CNS-focused-Company-Treating-Neurodegenerative-Diseases.html

Immediately after the merger, the current equity and convertible debt holders of EIP Pharma are expected to own, in the aggregate, approximately 77.25% of the total number of outstanding shares of common stock of the combined company and the current stockholders of Diffusion are expected to own approximately 22.75%...

… The combined company is expected to be renamed “CervoMed” and continue to trade on the Nasdaq Capital Market under a new ticker symbol, CRVO.

…EIP Pharma, Inc. is a privately held clinical-stage biotechnology company advancing CNS-focused therapeutics to benefit patients with a range of debilitating neurodegenerative diseases. EIP Pharma is currently developing neflamapimod, an investigational orally administered small molecule brain penetrant that inhibits p38MAP kinase alpha (p38a). Neflamapimod has the potential to treat synaptic dysfunction, the reversible aspect of the underlying neurodegenerative processes that cause disease in dementia with Lewy bodies (DLB) and certain other major neurological disorders.

DFFN is itself the product of a reverse-merger in 2016 (#msg-119714298). Did the company accomplish anything of consequence during the intervening 7 years?