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Innovate Biopharmaceuticals Announces Trading Under New Ticker Symbol INNT is Anticipated to Begin on Thursday, February 1, 2018
Innovate Biopharmaceuticals Announces Trading Under New Ticker Symbol INNT is Anticipated to Begin on Thursday, February 1, 2018.
About this update from 9 Meters Biopharma, Inc.
[{"type":"text","content":"\n\n RALEIGH, N.C., Jan. 31, 2018 (GLOBE NEWSWIRE) -- 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. on January 30, 2018. In connection with the completed Merger, Monster Digital, Inc. was renamed Innovate Biopharmaceuticals, Inc.  The change of the Nasdaq ticker symbol for Innovate Biopharmaceuticals was delayed due to technical issues and Innovate Biopharmaceuticals shares will continue to trade under Monster Digital’s ticker (NASDAQ:MSDI) on Wednesday, January 31, 2018, and, during such time, Nasdaq share numbers will not reflect the 1 for 10 reverse split that occurred on January 30, 2018. We anticipate that 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 Thursday, February 1, 2018.\n About Innovate Biopharmaceuticals, Inc.: Innovate is a clinical stage biotechnology company focused on developing novel autoimmune and inflammation therapeutic drugs. Innovate’s lead drug candidate, larazotide acetate (INN-202), has successfully met its primary endpoint in a phase 2b efficacy clinical trial for celiac disease. Larazotide successfully completed the End of Phase 2 Meeting with the FDA last year to prepare for expected Phase 3 clinical trials for larazotide in celiac disease in mid-2018. In clinical studies in more than 800 patients, larazotide demonstrated a favorable safety profile comparable to placebo, due to what Innovate believes is its lack of systemic absorption from the small bowel. Larazotide has also received Fast Track designation from the FDA. Larazotide, an oral peptide formulated into a capsule, has a unique mechanism of action which decreases intestinal permeability and regulates tight junctions by reducing antigen trafficking across intestinal epithelial cells. Innovate believes that larazotide is the only drug in the clinic with this mechanism of action of reducing intestinal permeability. Increased intestinal permeability, sometimes referred to as “leaky gut,” has been widely recognized in the literature as a gateway to multiple autoimmune diseases, including celiac disease, irr...