Lumos Pharma, Inc. (Lumos Pharma) and NewLink Genetics Corporation
(NewLink Genetics) today announced that by an overwhelming
majority, NewLink Genetics’ stockholders have voted to approve the
issuance of shares in connection with the merger combining NewLink
Genetics with Lumos Pharma. The completion of the merger is
expected to be effective in the coming days. The combined company
will assume the name, Lumos Pharma, Inc., and will trade on Nasdaq
under the stock symbol “LUMO.” The combined company will focus on
the development and commercialization of innovative therapeutics
for rare and neglected diseases. The combined company plans to
initiate a Phase 2b trial in mid-2020 evaluating its lead
therapeutic candidate, LUM-201 (ibutamoren), an orally administered
small molecule, in PGHD with the potential to address other rare
endocrine disorders.
“We are pleased that the NewLink stockholders
have voted in favor of this merger, and we are excited about the
opportunity ahead for the combined company,” said Rick Hawkins, CEO
of Lumos Pharma. “We are on solid financial footing and look
forward to the imminent initiation of our Phase 2b trial of LUM-201
in PGHD. Our team is enthusiastic about the potential for
this orally administered therapeutic to disrupt the
standard-of-care injectable treatment regimen for PGHD and other
indications for which recombinant growth hormone has been
approved.”
Prior to the closing of the merger, NewLink
plans to execute a 9-for-1 reverse split of shares of common stock,
such that every 9 shares of NewLink issued and outstanding would be
converted into 1 issued and outstanding share of common
stock. The reverse split is expected to take effect upon
opening of trading the day after the close of the merger.
Adjusted for the reverse split, total shares of common stock
outstanding for the combined company will be approximately 8.26
million shares.
Upon completion of the merger, the combined
company’s Board of Directors will consist of Rick Hawkins,
CEO, Lumos Pharma; Emmett T. Cunningham, Jr., M.D., Ph.D., Senior
Managing Director, Blackstone Life Sciences group; Kevin Lalande,
Co-founder and Managing Director, Santé Ventures; Lota S. Zoth,
Chairman, Zymeworks and former CFO, MedImmune; Thomas A. Raffin,
M.D., co-founder and partner, Telegraph Hill Partners and Professor
Emeritus, Stanford School of Medicine; and Chad Johnson, General
Counsel, Stine Seed Company. A seventh board member will be
designated by the combined board following the completion of the
merger.
The combined company’s projected cash position
in excess of $80 million as of March 31, 2020 is expected to be
sufficient to fund the combined company’s operations through data
read-out for the Phase 2b trial of LUM-201 in PGHD. This amount
excludes any anticipated non-dilutive funds from the monetization
of the priority review voucher (“PRV”) issued in conjunction with
the December 19, 2019 FDA approval of partnered Ebola virus vaccine
V920 (rVSV∆G-ZEBOV-GP), ERVEBO®. The combined company is entitled
to 60% of the value of the PRV obtained through sale, transfer or
other disposition of the PRV.
NewLink Genetics was advised by Stifel as
financial advisor and Cooley LLP as legal counsel. Lumos Pharma was
advised by Wilson Sonsini Goodrich & Rosati, P.C. as legal
counsel.
ERVEBO® is a registered trademark of Merck Sharp & Dohme
Corp.
About Lumos Pharma
Lumos Pharma, Inc. is a clinical stage
biopharmaceutical company focused on the development and
commercialization of therapeutics for rare and neglected diseases.
Lumos Pharma was founded and is led by a management team with
longstanding experience in rare disease drug development and is
funded by leading healthcare investors, including Deerfield
Management, a fund managed by Blackstone Life Sciences, Roche
Venture Fund, New Enterprise Associates (NEA), Santé Ventures, and
UCB. Lumos Pharma’s lead therapeutic candidate is LUM-201, an oral
growth hormone stimulating small molecule, is in late-stage
clinical development for the treatment of Pediatric Growth Hormone
Deficiency (PGHD). If approved by the FDA, LUM-201 would
provide an alternative to daily injections that current PGHD
patients endure for many years of treatment. LUM-201 has received
Orphan Drug Designation in both the US and EU. For more
information, please visit www.lumos-pharma.com.
Cautionary Note Regarding Forward-Looking
Statements
This joint press release contains
forward-looking statements of NewLink Genetics Corporation and
Lumos Pharma, Inc. (the “Companies”) that involve substantial risks
and uncertainties. All statements contained in this press release
are forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. The words “forecast,”
“projected,” "guidance," "upcoming," "will," "plan," “intend,”
"anticipate," "approximate," "expect," “potential,” “imminent,” or
the negative of these terms or other similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include, among others, statements
regarding the expected initiation of a Phase 2b clinical trial, the
sufficiency of funding for such trial, the potential of an orally
administered treatment regimen for PGHD and other indications,
designation of another board member, projected cash position and
its sufficiency to fund the combined company’s operations through
data read-out for the Phase 2b trial of LUM-201 in PGHD; future
priority review voucher (PRV) monetization, anticipated funds from
monetization of the PRV, milestones or other economic interests,
the timing and effect of the 9-for-1 reverse split of common stock;
and any other statements other than statements of historical fact.
Actual results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements that the Companies make due to a number of
important factors, risks that could cause actual results to differ
materially from those matters expressed in or implied by such
forward-looking statements are discussed in "Risk Factors" and
elsewhere in NewLink’s definitive proxy statement, as amended
and filed with the SEC on February 13, 2020, NewLink’s Annual
Report on Form 10-K for the year ended December 31,
2019 and other reports filed with the SEC. The
forward-looking statements in this press release represent the
Companies’ views as of the date of this press
release. The Companies anticipate that subsequent events and
developments will cause their views to change. However, while it
may elect to update these forward-looking statements at some point
in the future, the Companies specifically disclaim any obligation
to do so. You should, therefore, not rely on these forward-looking
statements as representing either of the Company’s views
as of any date subsequent to the date of this press release.
Investor & Media Contact:
Lisa MillerDirector, Investor RelationsNewLink Genetics
Corporation515-598-2555lmiller@linkp.com
Source: NewLink Genetics Corporation
Lumos Pharma Investor
Relations512-648-3757ir@lumos-pharma.com
Source: Lumos Pharma, Inc.
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