Today: July 16, 2018, 10:49 am
  
Business

Eloxx Pharmaceuticals Completes Acquisition Transaction with Sevion Therapeutics

PR-Inside.com: 2017-12-22 14:57:02

Company to focus on advancing the clinical development of ELX-02, a disease-modifying therapy for genetic diseases caused by nonsense mutations

WALTHAM, Mass., REHOVOT, Israel, and SAN DIEGO, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Eloxx Pharmaceuticals Ltd. ("Eloxx") and Sevion Therapeutics, Inc. (OTCQB:SVON) ("Sevion") today announced the two companies have completed their previously announced acquisition transaction effective as of December 19, 2017.  The Company will be known as Eloxx Pharmaceuticals, Inc. following the completion of the transaction, and began trading on OTCQB Market under the new name effective as of December 20, 2017. 

"This acquisition transaction marks a significant milestone as Eloxx transitions from a private to a publicly-traded company with significantly increased financial resources," said Silvia Noiman, Ph.D., MBA, founder and Chief Executive Officer of Eloxx Pharmaceuticals. "We are now better positioned to advance our development programs and look forward to initiating multiple Phase 2 studies for ELX-02. In parallel, we intend to strengthen our company on all fronts and, most recently, we hired several key employees to support this effort."

At the effective time of the transaction, all of the issued and outstanding ordinary and preferred shares of Eloxx stock were converted, on a pro rata basis, into the right to receive 20,316,656 shares of Sevion common stock, par value $0.01, after giving effect to the 1-for-20 reverse stock split. Following the reverse stock split and post-acquisition, the combined company has approximately 27.6 million shares outstanding.

About Eloxx Pharmaceuticals

Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel small molecule medicines to treat many rare and ultra-rare genetic diseases caused by nonsense mutations. Nonsense mutations are a class of genetic defects that result in premature termination of protein synthesis. As a consequence, patients with a genetic disease caused by nonsense mutations have absent or truncated nonfunctional proteins, accounting for some of the most severe phenotypes in these genetic diseases. Eloxx's lead product candidate, ELX-02, is an optimized aminoglycoside designed to restore full-length functional proteins. Eloxx was founded in 2013 and maintains offices in Waltham, MA, and Rehovot, Israel.

Forward-Looking Statements

Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not limited to: the Company's ability to continue as a going concern; the ability of the Company to consummate additional financings; the development of the Company's antibody technology; the approval of the Company's patent applications; the Company's ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company's research and development programs and collaborations; the success of the Company's license agreements; the acceptance by the market of the Company's products; the timing and success of the Company's preliminary studies, preclinical research and clinical trials; competition and the timing of projects and trends in future operating performance; and the quotation of the Company's common stock on an over-the-counter securities market, as well as other factors expressed from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update or revise such forward-looking statements to reflect subsequent events or circumstances.

Contacts:
Eloxx Pharmaceuticals
Greg Weaver, CFO
greg@eloxxpharma.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eloxx Pharmaceuticals via Globenewswire




# 816 Words
Related Articles
More From The Author
BIMobject AB: BIMobject donates 100,000 SEK to [..]
BIMobject makes a Christmas donation of 100,000 SEK to help start a new high school in Malmö, Sweden focussed on [..]
KDS Awarded Silver Accreditation by “Investors in [..]
KDS ( kds.com : The only internationally recognized Human Resource management standard, "Investors in People" is a quality certification for [..]
MDCPartners Introduces Medical Expert Search Tool for [..]
Antwerp, Belgium | 22 December 2017 MDCPartners introduces Podium, an online application for Clinical Ops, Medical Affairs teams [..]
RAPALA VMC CORPORATION - ANNOUNCEMENT OF A [..]
Rapala VMC Corporation Stock Exchange ReleaseDecember 22, 2017 at 12:00 a.m. RAPALA VMC CORPORATION - ANNOUNCEMENT OF A CHANGE [..]
Christmas Comes Full of Solidarity for Our [..]
Many pet friends are searching for a home for a long time. Also during Christmas festivities, everyone can make the [..]
 
More From Business
TEPCO Group, Zenrin and Rakuten examining 'drone [..]
Conduct world's first demonstration of drone-based deliveries along power-line routes TOKYO, July 12, 2018 - (JCN Newswire) - [..]
Rakhibazaar.com Announces the Best Rakhi Deals 2018
New Delhi, India - Rakhibazaar.com, an eminent online Rakhi store in India, now provides best Rakhi deals and free delivery [..]
State of the LNG industry – LNG [..]
Cripps Sears & Partners and Tellurian Investments hosted the 4th edition of their LNG Leadership Roundtable at the end of [..]
Hong Kong Fashion Week for Spring/Summer Concludes
Fashion and technology have merged in recent years, creating new business opportunities HONG KONG, July 12, 2018 - (ACN Newswire) [..]
MCS Stonecare Announces Incredible Business Growth
At the start of 2018, MCS Stonecare set themselves challenging growth targets for which they wanted to achieve. These targets [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.