Summary:
Kadimastem shareholders have approved the company’s merger with NLS Pharmaceutics, moving the two firms closer to forming a combined Nasdaq-traded company. NLS plans to hold its own shareholder vote in the coming weeks to finalize the merger. Executives from both companies highlighted the potential value creation and opportunities for growth and innovation resulting from the merger.
Key Takeaways:
- Shareholder Approval Moves Merger Forward – Kadimastem shareholders have approved the merger with NLS Pharmaceutics, a step toward forming a Nasdaq-listed biotechnology company.
- Combined Focus on Neurodegenerative and Metabolic Diseases – The merger brings together NLS’ dual orexin agonist platform and Kadimastem’s allogeneic cell therapy expertise to develop treatments for neurodegenerative diseases and diabetes.
- Final Approval Pending – NLS plans to convene its own shareholder meeting in the coming weeks to complete the merger process.
Swiss clinical-stage biopharmaceutical company NLS Pharmaceutics Ltd, developing a dual orexin agonist platform, and Kadimastem Ltd announced that Kadimastem’s shareholders approved its merger with NLS.
The merger approval brings NLS and Kadimastem a step closer to creating a combined Nasdaq-traded biotechnology company with a portfolio of therapies for neurodegenerative diseases and diabetes.
“We are happy that our shareholders have approved this significant merger with NLS. We believe that this approval shows the shareholders’ appreciation of the anticipated value creation from the merger to leverage NLS’s and Kadimastem’s combined strengths in biotechnology. We look forward to completing the merger and unlocking new opportunities for growth and innovation,” says Ronen Twito, executive chairman and chief executive officer of Kadimastem, in a release.
NLS is also planning to convene a shareholder meeting for final approval of the merger.
Alex Zwyer, chief executive officer of NLS, comments in a release, “Receiving approval from Kadimastem’s shareholders is a significant step forward in the merger process. We look forward to the potential benefits of bringing our two companies together and are committed to working collaboratively to advance innovative solutions in biotechnology. We aim to convene our shareholders meeting in the coming weeks to support a smooth transition toward this partnership.”
NLS is focused on the discovery and development of innovative therapies for rare and complex central nervous system disorders, while clinical-stage cell therapy company Kadimastem is developing and manufacturing “off-the-shelf” allogeneic cell products for the treatment of neurodegenerative diseases and potential cure for diabetes.
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