Applied Molecular rises on merger deal with Cyclo Therapeutics

Applied Molecular Transport.

21/09/2023 14:25

** Shares of drug developer Applied Molecular Transport Inc
 AMTI.O  rise 40% to 29 cents premarket
   ** Co to merge with Cyclo Therapeutics  CYTH.O  in an
all-stock transaction 
   ** Under the terms of the agreement, Applied Molecular
stockholders will receive ~0.174 shares of CYTH for one share of
AMTI
   ** Combined co to focus on advancing CYTH's late-stage trial
studying lead candidate trappsol cyclo for a rare and severe
autosomal recessive disorder called Niemann-Pick Disease Type C1
   
   ** Combined co will operate under the name “Cyclo
Therapeutics, Inc.” and will continue trading on The Nasdaq
Capital Market under the ticker symbol CYTH 
   ** Transaction is currently expected to close in Q4 2023
   ** As of last close, AMTI down 51% YTD and CYTH up ~13% YTD

 (Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))