On January 8, 2016 Diffusion Pharmaceuticals LLC, a clinical-stage biotechnology company focused on the development of novel small molecule therapeutics for cancer reported the successful completion of its merger with RestorGenex Corporation (OTCQX:RESX) (Press release, Diffusion Pharmaceuticals, JAN 8, 2016, View Source [SID:1234508714]). The combined company is changing its name to Diffusion Pharmaceuticals Inc.
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"Becoming a public company is a key element of our strategy, and the completion of this merger is a significant accomplishment for the Diffusion team," said David Kalergis, chairman and chief executive officer of Diffusion Pharmaceuticals. "We believe that our novel oncology therapeutics for treatment-resistant solid cancers have tremendous potential, and that becoming a publicly traded company affords us the greatest opportunity to capitalize on this large and growing market opportunity." Mr. Kalergis added, "We would like to thank the board and management team of RestorGenex for their confidence in merging our two companies for the benefit of our respective stockholders."
Diffusion Pharmaceuticals Inc. will continue to develop its lead drug candidate, trans sodium crocetinate (TSC), which has demonstrated positive results in a Phase 2 clinical trial in patients newly diagnosed with glioblastoma multiforme (GBM). TSC has received Orphan Drug Designation from the U.S. Food and Drug Administration for the treatment of GBM and expects to enter a Phase III study in newly diagnosed GBM patients in 2016. Future development of TSC includes other orphan indications. The company is planning to commence a Phase II/III trial in pancreatic cancer in 2016 with a Phase II/III study in brain metastases to follow. TSC’s novel mechanism of action enhances the diffusion of oxygen to cancerous tumors, improving the effects of cancer treatments like radiation therapy and chemotherapy. Diffusion will review and prioritize products formerly in the RestorGenex pipeline.
MTS Securities, LLC. acted as exclusive financial advisor to Diffusion and Dechert LLP acted as legal counsel to Diffusion. Raymond James & Associates, Inc. acted as exclusive financial advisor to RestorGenex and Fox Rothschild LLP acted as legal counsel for RestorGenex.