PRINCETON: PDS Biotechnology Corporation, a clinical-stage immuno-oncology company pioneering the development of novel multifunctional immunotherapeutic products,has announced the closing of its merger with Edge Therapeutics, Inc.
Following the merger, Edge will operate as “PDS Biotechnology Corporation” and the stock will trade on the Nasdaq Capital Market beginning on March 18, 2019 under the ticker symbol “PDSB,” a statement issued to London Stock Exchange said.
In connection with the closing of the merger, Edge effected a 20-1 reverse split of its common stock. Shares of the combined company’s common stock will begin trading on a split-adjusted basis under the new ticker symbol on the Nasdaq Capital Market on March 18, 2019.
Immediately following the completion of the merger and the reverse stock split, the total number of issued and outstanding shares of the combined company’s common stock will be 5,348,174, with pre-merger PDS Biotechnology stockholders collectively owning approximately 70% of the issued and outstanding common stock of the combined company and pre-merger Edge stockholders owning approximately 30% of the issued and outstanding common stock of the combined company.
The combined company’s cash and cash equivalents, following the closing of the merger, were approximately $25 million.
“With the merger complete, we are very excited about the future of PDS Biotechnology. Moving forward as a public company, we have assembled an experienced and accomplished leadership team to guide the company into the future. We also now have the ability to access the capital markets as we demonstrate the potential of the Versamune® platform to overcome some of the key obstacles facing immunotherapy, and progress our lead asset toward commercialization,” said Frank K. Bedu-Addo Ph.D., Chief Executive Officer of the combined company.
“As we look ahead, we have some important milestones on the horizon. We expect to initiate two phase 2 human clinical studies and a potential registration trial for our lead asset, PDS0101, in the fourth quarter of 2019. These studies are expected to evaluate PDS0101 monotherapy for the treatment of high grade cervical dysplasia, and PDS0101 in combination with Keytruda® for the treatment of head and neck cancer.”