Cyclo Therapeutics falls after merger agreement with Rafael Holdings

Rafael Holdings

22/08/2024 14:51

(Updates)
    ** Shares of drug developer Cyclo Therapeutics  CYTH.O  fall
29.36% to 89 cents
    ** Co says it has entered into a merger agreement with
Rafael Holdings   RFL.N  to combine the two companies 
    ** The companies will focus on the development of trappsol
cyclo, which is in late stage study for a rare inherited genetic
condition called Niemann-Pick Disease Type C1
    **  Results from the 48-week interim analysis are expected
in the middle of 2025
    ** On consummation of the merger, Rafael Holdings will issue
shares of its Class B common stock to CYTH shareholders, based
on an exchange ratio valuing CYTH shares at 95 cents/share and
Rafael Holdings at its cash value combined with the value of its
marketable securities and some other investments less certain
current liabilities
    ** The deal is expected to close in late 2024
    ** CYTH down ~43% YTD

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