EOM Pharmaceuticals and Immunocellular Therapeutics agreed to and closed a merger on Dec. 2 that will result in public company trading on the OTC Markets.
Under the deal, EOM shareholders exchanged all of their common stock for newly issued shares of ImmunoCellular common and Series C convertible preferred stock. After the transaction, ImmunoCellular’s then-current equity holders will own approximately 3.5% and the former EOM equity holders will own approximately 96.5% percent of ImmunoCellular’s common stock, calculated on a fully diluted basis.
Montvale-based EOM said it may consider listing on a national exchange, assuming it meets the relevant requirements.
ImmunoCellular was a cancer immunotherapy developer. In August 2019, the company saidit completed the sale of substantially all of its assets, including its preclinical and clinical programs, technology, intellectual property and know-how, for $1 million. At the time, the company said it would “continue to pursue additional strategic alternatives, including a potential reverse merger with a private company seeking an expedited route to the public markets.” Following the EOM deal, which was approved by the boards of both companies, all of ImmunoCellular’s officers and directors resigned.
EOM is a clinical-stage company focused on developing drugs to treat debilitating and sometimes deadly diseases, including infectious diseases such as COVID-19; autoimmune diseases including rheumatoid arthritis; cachexia associated with AIDS and cancer; and retinal diseases. It has two pipeline assets, one of which — EOM613 — is currently undergoing a clinical study in Brazil evaluating its effectiveness in COVID patients with “cytokine storm” immune responses. The other — EOM147 — is a potential treatment for retinal diseases.
“EOM’s merger with ImmunoCellular provides the resources necessary to advance our lead program, EOM613, as a potential treatment for COVID-19, as well as support the development of both EOM613 and EOM147,” said Eli Goldberger, EOM’s founder, chairman and chief operating officer. “We look forward to advancing our pipeline assets and delivering value to all our stakeholders, including patients, the scientific and medical community, and our stockholders.”
In addition to Goldberger, the company’s executive ranks include Chief Executive Officer Irach Taraporewala; Chief Scientific Officer and Medical Director Shalom Z. Hirschman; Chief Financial Officer and Treasurer Wayne I. Danso; and Scientific Advisor and Chair of the Scientific Advisory Board Frank L. Douglas.
“COVID-19 continues to pose a grave threat to millions of people worldwide and to challenge the medical and scientific community as it seeks to understand and treat the underlying causes and symptoms of this devastating disease,” Taraporewala said. “We are grateful to the investigators and patients in Brazil who are currently participating in our EOM613 clinical trial and look forward to reporting initial results in early 2022.”
Bridgeway Capital Partners served as exclusive financial advisor to EOM on the transaction.
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