Brief: Redx And Jounce Announce Recommended Business Combination

Redx Pharma

23/02/2023 07:35

Feb 23 (Reuters) - Jounce Therapeutics Inc  JNCE.O :
    * REDX AND JOUNCE ANNOUNCE RECOMMENDED BUSINESS COMBINATION
    * JOUNCE - COMBINED GROUP TO BE CALLED REDX INC. LISTED ON
NASDAQ
UNDER TICKER REDX AND LED BY REDX CEO LISA ANSON WITH CASH
RUNWAY INTO H2 2025
    * REDX SHAREHOLDERS SHALL BE ENTITLED TO RECEIVE 0.2105
JOUNCE
SHARES IN EXCHANGE FOR EACH REDX SHARE
    * REDX INC., COMBINED GROUP WILL BE SOLELY LISTED ON NASDAQ
IN US
UNDER TICKER SYMBOL REDX
    * INTENDS TO CONDUCT A REVERSE STOCK SPLIT  WITH A RATIO OF
ONE
NEW SHARE FOR EVERY FIVE OUTSTANDING SHARES OF JOUNCE
    * JOUNCE THERAPEUTICS - IF REVERSE STOCK SPLIT IS APPROVED,
EXCHANGE RATIO FOR DEAL WILL BE ADJUSTED TO 0.0421 JOUNCE SHARES
FOR EACH REDX SHARE
    * JOUNCE - COMBINED GROUP WILL BE HEADQUARTERED AT ALDERLEY
PARK,
UK, WITH A DRUG DISCOVERY AND CLINICAL DEVELOPMENT TEAM IN
MASSACHUSETTS, USA
    * JOUNCE THERAPEUTICS- RXC004 IS BEING DEVELOPED AS A
TARGETED
TREATMENT FOR WNT-LIGAND DEPENDENT CANCERS AND IS PROGRESSING
THROUGH PHASE 2 TRIALS
    * JOUNCE THERAPEUTICS - FOLLOWING COMPLETION OF BUSINESS
COMBINATION, REDX SHAREHOLDERS ARE EXPECTED TO OWN APPROXIMATELY
63% OF COMBINED CO
    * JOUNCE THERAPEUTICS - RXC008, A GI-TARGETED ROCK INHIBITOR
FOR
FIBROSTENOTIC CROHN'S DISEASE, IS EXPECTED TO ENTER CLINICAL
DEVELOPMENT IN H1 2024
    * FOLLOWING COMPLETION JOUNCE SHAREHOLDERS TO OWN ABOUT 37%
OF
SHARE CAPITAL OF COMBINED GROUP

Source text for Eikon:  ID:nGNX6gDXcj 
Further company coverage:  JNCE.O 
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