On September 13, 2017 Inspyr Therapeutics (OTCQB:NSPXD), a clinical-stage biotechnology company, and Lewis and Clark Pharmaceuticals reported the successful completion of a merger to create an integrated biotechnology company (Press release, Inspyr Therapeutics, SEP 13, 2017, View Source [SID1234520528]). The newly combined company creates a second proprietary technology platform, broad capability laboratory facilities, pipeline of therapeutics, and drug development expertise to create value across the business.
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"This merger has significantly broadened the opportunities we can pursue, spanning from the discovery of new molecules through clinical development," said Peter Grebow Ph.D., Chairman of Inspyr. "We believe the proprietary technology platform acquired from Lewis & Clark will generate a series of partnerships or collaborations in the near future. The initial proprietary molecules generated on this platform are expected to have novel development applications in immuno-oncology and inflammation."
Key strategic benefits of the merger:
Novel proprietary technology platform. The Company now has an industry-leading proprietary technology platform based on adenosine chemistry and biology. From this platform, multiple adenosine receptor modulator-based compounds have been developed and are advancing into preclinical studies to support planned Investigational New Drug (IND) applications. Inspyr is pursuing potential license opportunities to leverage this platform.
Broad pipeline of novel therapies for oncology and inflammation. The Company pipeline of novel proprietary therapies currently includes Mipsagargin, dual A2A/A2B antagonists, A2A antagonists, A2B antagonists, and A2A agonists.
State-of-the-art laboratory facilities. The Company has a fully-equipped, state-of-the-art organic and analytical chemistry laboratories located in Charlottesville, Virginia. We believe the value of these assets is significantly greater than the combined market caps at closing.
Experienced leadership. Inspyr’s team has significant clinical development, translational medicine, and business operations experience in the biopharmaceutical industry. Through this merger, the Company’s expertise has expanded to include preclinical development, toxicology, regulatory filings, adenosine receptor pharmacology, physiology, and molecular biology.
Collaboration Agreements. With broad capabilities, laboratory facilities, and extensive drug discovery and development expertise, Inspyr anticipates the first of a series of licensing/collaboration agreements in Q4 2017.
Potential Stock Exchange Listing. Inspyr expects to complete an uplisting to NASDAQ as soon as practical upon meeting the shareholder equity qualification standard.
Under the merger agreement, Inspyr purchased Lewis and Clark in an all-stock transaction. Pursuant to the terms of the transaction, Lewis and Clark Pharmaceuticals is now a wholly-owned subsidiary of Inspyr and Lewis and Clark stockholders own approximately 50% of Inspyr’s common shares, on an as converted basis. In addition, Bo Jesper Hansen, M.D., Ph.D. is retiring from Inspyr’s Board of Directors and Lewis and Clark Director John Montgomery has been appointed to the Inspyr Board of Directors.