NeuBase Therapeutics Inc. closed its reverse merger with Ohr Pharmaceutical and began trading on NASDAQ under the symbol NBSE. Immediately following the closing, the company agreed to a private placement of common stock with Greenlight Capital. The New York City hedge fund will own about 9 percent of NeuBase common stock.
NeuBase is a biotechnology company developing next-generation antisense therapies to address genetic diseases.
The combined company changed its name to NeuBase Therapeutics Inc. It will maintain its headquarters in Pittsburgh, and its executive team, led by CEO Dietrich A. Stephan, Ph.D, was appointed as the executive team of the company. In addition, the company’s board of directors comprised of experienced pharmaceutical executives, including Stephan (Chairman), Dr. Dov A. Goldstein, Dr. Diego Miralles, Dr. Franklyn Prendergast, Ph.D., and Eric Richman.
Prior to the closing, NeuBase completed a private placement financing of approximately $9 million under the terms of the definitive agreements previously announced in March 2019. Upon completion of the merger, the company will have approximately 15.5 million shares outstanding.
Roth Capital Partners LLC acted as financial advisor to Ohr for the merger, and Troutman Sanders LLP served as legal counsel to Ohr. Allele Capital Partners LLC at Tribal Capital Markets LLC acted as financial advisor, Paul Hastings LLP served as legal counsel to NeuBase and Richards Kibbe & Orbe LLP served as legal counsel to Greenlight Capital. Allele also served as exclusive advisor to NeuBase related to the post-merger financing.