July 5, 2019
Ohr Pharmaceutical has urged its shareholders to vote for a merger with Neubase Therapeutics at a special meeting this week, creating an entity focused on RNA gene silencing.
The reverse merger, first announced in January, would create a public company focused on advancing NeuBase’s peptide-nucleic acid (PNA) antisense oligonucleotide (PATrOL) technology platform for the development of therapies to address severe diseases caused by genetic mutations, including Huntington’s disease and myotonic dystrophy.
However, the deal is at risk of not going through if Ohr stakeholders do not approve the merger, reverse stock split and amended and restated certificate of incorporation change proposals at a Special Meeting on July 10.
Image: iStock/Artur
“The overwhelming majority of Ohr stockholders who have submitted their votes have voted in favor of the merger and other proposals. However, more votes are needed to meet the required threshold for the merger to be completed,” said Jason Slakter, CEO of Ohr.
“Ohr has many stockholders that hold relatively small positions. For the merger to go forward, it is necessary also for stockholders with smaller positions to submit their votes in favor of all the proposals.”
He added “the merger is the best way to maximize value for our stockholders.”
Neubase’s PATrOL technology platform “has the potential to address a wide range of germline and somatic diseases caused by inappropriate expression and change-of-function mutations of genes,” Neubase CEO Dietrich Stephan stated earlier this year.
The company claims the platform has advantages over current antisense and small molecule approaches to gene silencing, including high selectivity for targets, cell membrane and blood brain barrier permeability, early data indicating no immune response and a low cost of goods, all of which will aid scalability in addressing a wide range of genetic diseases, including cancer.
If approved, the combined company will be known as NeuBase Therapeutics, Inc.
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