2023-08-30 07:15:16 ET
- Serina Therapeutics on Wednesday said it would merge with a wholly-owned subsidiary of AgeX Therapeutics ( NYSE: AGE ) in an all-stock transaction.
- The combined company will focus on advancing Serina’s lead drug candidate (SER-252, POZ-apomorphine) for the treatment of advanced Parkinson’s Disease through pre-clinical studies, with the goal of submitting an investigational new drug submission to the Food and Drug Administration for the initiation of a Phase I clinical trial during the fourth quarter of 2024.
- Serina has two other pipeline assets that are positioned to enter IND enabling studies, SER-227 (POZ-buprenorphine) for certain post-operative pain indications and SER-228 (POZ-cannabidiol) for refractory epilepsy indications.
- Under the terms of the merger agreement, Serina will merge with a wholly-owned subsidiary of AgeX, and stockholders of Serina will receive shares of AgeX common stock.
- Upon completion of the merger, pre-merger AgeX stockholders are expected to own about 25% of the newly combined company while pre-merger Serina stockholders are expected to own about 75% of the newly combined company.
- The combined company will operate under the Serina Therapeutics name, and is expected to trade on the NYSE American under the ticker symbol “SER.”
- The corporate headquarters will be in Huntsville, Alabama, and the the combined company is anticipated to be led by a new Chief Executive Officer.
- Source: Press Release
For further details see:
Serina Therapeutics and Agex Therapeutics enter merger agreement