CohBar surges on merger agreement with Morphogenesis

CohBar

23/05/2023 17:32

(Updates)
    ** Shares of therapy developer CohBar Inc  CWBR.O  more than
double to 8-month high of $3.78, among top pct. gainers across
all U.S. exchanges trading 
    ** Stock set for the biggest pct. rise ever, if gains hold
        ** Top gainer on Nasdaq composite index  .IXIC 
  
    ** Co enters into an all stock merger agreement with
privately held Morphogenesis Inc to advance a late-stage
oncology pipeline
    ** The combined co is expected to operate under the name
'TuHURA Biosciences Inc' and to trade on Nasdaq
    ** The transaction is expected to close in Q3 2023
    ** The proceeds from a $15 million private placement will be
used to fund the advancement of the combined co's
immunotherapy-focused development pipeline, with an anticipated
cash runway through 2024 - CWBR
    ** Stock has more than doubled YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))