RSLS - Vyome to go public and trade on the Nasdaq Capital Market under the ticker symbol HIND | Benzinga
CAMBRIDGE, Mass., July 09, 2024 (GLOBE NEWSWIRE) -- Vyome Therapeutics, a clinical-stage healthcare company targeting immuno-inflammatory and rare diseases in the US and global markets with large market potential, announced today that it has signed a merger agreement with ReShape Lifesciences (NASDAQ:RSLS). Upon closing, it is anticipated that the post-merger entity, will be renamed Vyome Holdings, Inc., and continue to have its common stock traded on Nasdaq under the new ticker symbol "HIND", an ancient name for India, an integral part of Vyome's identity.
Anchored in part by Dr. Ranjan Pai, Chairman of the Manipal Education and Medical Group (MEMG), and investors affiliated with Remus Capital and Iron Pillar, certain of the Company's stockholders have, simultaneously with the execution of the merger agreement, committed to a minimum $7.3 million private placement in the combined company and its subsidiaries, that may be upsized through additional investments, to close concurrently with the merger. Based on the Company's anticipated cash flow projections, it will have adequate liquidity on hand to self-fund into the second half of 2025. Vyome plans to deploy the capital raised through the private placement to unlock significant value in its pipeline of immuno-inflammatory assets and intends to use its public market position to capitalize on the growing relationships between the U.S. and India in both innovation and commercialization.
"We have a very promising pipeline with potential near-term catalysts treating unmet rare and immune-inflammatory diseases," said Dr. Shiladitya Sengupta, co-founder of Vyome, an associate professor of medicine at Harvard Medical School, researcher at MIT, and a top graduate of India's #1-ranked medical school, AIIMS. "We are leveraging world-class research at much lower R&D costs to solve tangible unsolved real-world problems with large US market opportunities; this combination is our competitive advantage. We are grateful to investors who are supporting our continued efforts in making meaningful impact in patient lives."
As part of this transaction, Vyome is pleased to announce that Ambassador Frank Wisner will be joining its Board of Directors at closing. Ambassador Wisner brings his extensive experience in business, international law, and global political relations to the Company. His diplomatic career spans four decades as a U.S. ambassador, including his most recent appointment to India.
"India is the world's greatest growth story, full stop. We ...