Aravive Biologics and Versartis Complete Merger
15 Oktober 2018 - 1:00PM
The combined company, Aravive, Inc., to trade on
Nasdaq under ticker symbol “ARAV” beginning October 16, 2018,
concurrent with a 1-for-6 reverse split of common shares
Aravive Biologics, Inc. and Versartis, Inc. (Nasdaq:VSAR) announced
that the merger of the two companies has closed following Versartis
stockholder approval on October 5, 2018. Beginning tomorrow,
October 16, 2018, the combined company will operate as Aravive,
Inc. and its shares will trade on the Nasdaq Global Select Market
under the new ticker symbol “ARAV”. Aravive, Inc. is a clinical
stage biotechnology company focusing on developing innovative
therapies that target important survival pathways for cancer.
Concurrent with the close of the merger, the combined company,
Aravive, Inc., announced a 1-for-6 reverse split of its common
shares. The reverse split will be effective upon opening of trading
tomorrow, October 16, 2018. When the reverse split becomes
effective, every 6 shares of issued and outstanding “ARAV” common
stock will be combined into 1 issued and outstanding share of
common stock with no changes to the par value of the shares. The
reverse split will reduce the number of shares of Aravive’s
outstanding common stock from approximately 67.1 million to
approximately 11.2 million.
“We are excited to launch Aravive, Inc. as a newly merged,
public company with a promising development program that has the
potential to bring innovative cancer therapies to patients in
need,” said Jay Shepard, president and chief executive officer.
“Our initial focus is on the development of a first-in-class, GAS6
binding protein designed to prevent AXL signaling, a pathway known
to play a role in tumor metastasis and treatment resistance.
Aravive completed the first Phase 1 clinical trial of our lead
candidate, AVB-S6-500, and we expect to initiate the Phase 1b
portion of our Phase 1b/2 trial in patients with platinum resistant
ovarian cancer before the end of the year. Based on compelling
results from our non-clinical studies, we also plan to evaluate
AVB-S6-500 in additional tumor types and, longer term, its
potential for treating fibrosis.”
Unaudited pro forma cash and cash equivalents for the combined
company as of the close of the merger is expected to be in the
range of $60.0 million to $62.0 million, net of all estimated
transaction costs. Following the completion of the merger, the
board of directors of the combined company will include Srinivas
Akkaraju, M.D., Ph.D., chairman; Jay Shepard, president and chief
executive officer; Shahzad Malik, M.D; Amato Giaccia, Ph.D.,
scientific founder of Aravive Biologics; Ray Tabibiazar, M.D.,
founder and former executive chairman of Aravive Biologics; and
Eric Zhang, CFA. In addition, concurrent with the close of the
merger, the board of directors has appointed an additional
independent director, Robert E. Hoffman. Mr. Hoffman is currently
chief financial officer and senior vice president, finance of Heron
Therapeutics.
About Aravive
Aravive, Inc. (Nasdaq: ARAV effective October 16, 2018) is a
clinical stage biotechnology company focused on developing
innovative therapies that target important survival pathways for
cancer. Aravive’s lead candidate, AVB-S6-500, is a novel,
high-affinity, soluble Fc-fusion protein designed to block the
activation of the GAS6-AXL signaling pathway by intercepting the
binding of GAS6 to its receptor AXL. AXL receptor signaling plays
an important role in multiple types of malignancies by promoting
metastasis, cancer cell survival, resistance to treatments, and
immune suppression. Aravive expects to initiate the Phase 1b
portion of a Phase 1b/2 clinical trial of AVB-S6-500 combined with
standard of care therapies in patients with platinum-resistant
ovarian cancer before the end of 2018, and intends to expand
development into additional tumor types. For more information,
please visit www.aravive.com.
Forward Looking Statements
This communication contains forward-looking statements
(including within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended) concerning the
Company’s potential to bring innovative cancer therapies to
patients in need, the expected timing of initiation of the Phase 1b
portion of the Company’s Phase 1b/2 trial in patients with platinum
resistant ovarian cancer and the plan to evaluate and expand the
development of AVB-S6-500 in additional tumor types and, longer
term, its potential for treating fibrosis. Forward-looking
statements are based on current beliefs and assumptions that are
subject to risks and uncertainties and are not guarantees of future
performance. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors. The foregoing review of important factors that could cause
actual events to differ from expectations should not be construed
as exhaustive and should be read in conjunction with statements
that are included herein and elsewhere, including the risk factors
included in the Company’s proxy statement/prospectus/information
statement filed with the SEC on September 6, 2018, the Company’s
Form S-4 filed with the SEC on August 3, 2018, as subsequently
amended, Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31, 2017, Quarterly Report on Form 10-Q for the
quarter ended June 30, 2018, and recent Current Reports on Form
8-K, each as filed with or furnished to the SEC. Except as required
by applicable law, the Company undertakes no obligation to revise
or update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts:
Investors:Mike ZanoniEndurance
Advisorsmzanoni@enduranceadvisors.com610-442-8570
Media:Christine LabareeEvergreen
Communicationschristine@evergreencomms.com
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