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CORRECTING and REPLACING -- Innovate Biopharmaceuticals Announces Successful Merger Completion
CORRECTING and REPLACING -- Innovate Biopharmaceuticals Announces Successful Merger Completion.
About this update from 9 Meters Biopharma, Inc.
[{"type":"text","content":"\n\n RALEIGH, N.C., Jan. 30, 2018 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Innovate Biopharmaceuticals, Inc. (Nasdaq:INNT) please note that the stock symbol for Monster Digital, Inc. has been added to the end of the first bullet point. The corrected release follows:\n Innovate Biopharmaceuticals Announces Successful Merger Completion Completion of Merger with Monster Digital, Inc. (Nasdaq:MSDI)Shares of combined company will begin trading on Nasdaq with new ticker INNT and will reflect a 1 for 10 reverse split on Wednesday, January 31, 2018Concurrent financing of more than $21 millionPhase 3 clinical trials for larazotide acetate (INN-202) for celiac disease expected to commence Q2-2018 Innovate Biopharmaceuticals, Inc. (Nasdaq:INNT) a clinical stage biotechnology company focused on developing novel autoimmune and inflammation therapeutics, announced the completion of its merger (the “Merger”) with Monster Digital, Inc. today. In connection with the completed Merger, Monster Digital, Inc. was renamed Innovate Biopharmaceuticals, Inc. Innovate’s rich, late-stage clinical pipeline focuses on addressing unmet needs in diseases such as celiac disease, inflammatory bowel disease (IBD) and nonalcoholic steatohepatitis (NASH).  Innovate Biopharmaceuticals shares will continue to trade under Monster Digital’s ticker MSDI on Tuesday, January 30, 2018, and, during such time, Nasdaq share numbers will not reflect the 1 for 10 reverse split that occurred on January 30, 2018.  Innovate Biopharmaceuticals shares will commence trading on Nasdaq with the new ticker INNT and will reflect the 1 for 10 reverse split in trading on Wednesday, January 31, 2018. Commenting on the Merger, Innovate’s CEO, Christopher Prior, Ph.D., stated: “We intend to use the proceeds from the concurrent financing to advance our celiac disease drug candidate into Phase 3 clinical trials with the goal of bringing a much-needed therapy to market for a disease that affects approximately 1% of the population. In addition, we believe that as a public entity we will be able to engage a wider range of investors, which will allow us to advance our mild-to-moderate ulcerative colitis combination therapy into Phase 2 trials and to expand our pipeline.” Jay Madan, fo...