Entero Therapeutics Announces Signing of Rescission Agreement with ImmunogenX, LLC
Entero Therapeutics (NASDAQ: ENTO) has announced signing a rescission agreement to unwind its business combination with ImmunogenX, (IMGX). The combination, originally announced on December 18, 2023, and closed on March 14, 2024, will be reversed pending shareholder approval required by June 30, 2025.
The company's CEO, Richard Paolone, stated that the decision to unwind the transaction was made following an internal review, aimed at strengthening the balance sheet and refocusing value creation strategy. The rescission will allow both companies to pursue independent strategic initiatives while maintaining a positive working relationship.
Additionally, Entero announced the appointment of Anna Skowron as Chief Financial Officer, effective March 3, 2025. Skowron brings 14 years of accounting experience, including expertise in financial reporting, compliance, and business strategy. She previously founded Skowron Accounting Professional and held positions as Global Financial Controller at a multinational technology provider.
Entero Therapeutics (NASDAQ: ENTO) ha annunciato di aver firmato un accordo di rescissione per annullare la sua combinazione aziendale con ImmunogenX (IMGX). La combinazione, originariamente annunciata il 18 dicembre 2023 e conclusa il 14 marzo 2024, sarà annullata in attesa dell'approvazione degli azionisti necessaria entro il 30 giugno 2025.
Il CEO dell'azienda, Richard Paolone, ha dichiarato che la decisione di annullare la transazione è stata presa a seguito di una revisione interna, mirata a rafforzare il bilancio e a rifocalizzare la strategia di creazione di valore. La rescissione consentirà a entrambe le aziende di perseguire iniziative strategiche indipendenti mantenendo una relazione lavorativa positiva.
Inoltre, Entero ha annunciato la nomina di Anna Skowron come Chief Financial Officer, con effetto dal 3 marzo 2025. Skowron porta con sé 14 anni di esperienza in contabilità, inclusa competenza in reporting finanziario, conformità e strategia aziendale. In precedenza ha fondato Skowron Accounting Professional e ha ricoperto posizioni come Global Financial Controller in un fornitore tecnologico multinazionale.
Entero Therapeutics (NASDAQ: ENTO) ha anunciado la firma de un acuerdo de rescisión para deshacer su combinación empresarial con ImmunogenX (IMGX). La combinación, anunciada originalmente el 18 de diciembre de 2023 y cerrada el 14 de marzo de 2024, será revertida a la espera de la aprobación de los accionistas requerida antes del 30 de junio de 2025.
El CEO de la compañía, Richard Paolone, declaró que la decisión de deshacer la transacción se tomó tras una revisión interna, con el objetivo de fortalecer el balance y reenfocar la estrategia de creación de valor. La rescisión permitirá a ambas empresas seguir iniciativas estratégicas independientes mientras mantienen una relación laboral positiva.
Además, Entero anunció el nombramiento de Anna Skowron como Directora Financiera, con efecto a partir del 3 de marzo de 2025. Skowron aporta 14 años de experiencia en contabilidad, incluyendo experiencia en informes financieros, cumplimiento y estrategia empresarial. Anteriormente fundó Skowron Accounting Professional y ocupó cargos como Controladora Financiera Global en un proveedor tecnológico multinacional.
Entero Therapeutics (NASDAQ: ENTO)는 ImmunogenX(IMGX)와의 사업 결합을 해제하기 위한 계약을 체결했다고 발표했습니다. 이 결합은 2023년 12월 18일에 처음 발표되었고 2024년 3월 14일에 마감되었으며, 2025년 6월 30일까지 필요한 주주 승인 대기 중에 취소될 것입니다.
회사의 CEO인 Richard Paolone는 거래를 해제하기로 한 결정이 재무 상태를 강화하고 가치 창출 전략을 재조정하기 위한 내부 검토 후에 내려졌다고 밝혔습니다. 이번 해제는 두 회사가 긍정적인 업무 관계를 유지하면서 독립적인 전략적 이니셔티브를 추구할 수 있게 합니다.
또한 Entero는 Anna Skowron을 2025년 3월 3일부로 최고 재무 책임자로 임명했다고 발표했습니다. Skowron은 재무 보고, 준수 및 비즈니스 전략에 대한 전문성을 포함하여 14년의 회계 경험을 가지고 있습니다. 이전에는 Skowron Accounting Professional을 설립하고 다국적 기술 제공업체에서 글로벌 재무 관리자직을 역임했습니다.
Entero Therapeutics (NASDAQ: ENTO) a annoncé la signature d'un accord de résiliation pour annuler sa combinaison d'affaires avec ImmunogenX (IMGX). La combinaison, annoncée à l'origine le 18 décembre 2023 et conclue le 14 mars 2024, sera inversée en attente de l'approbation des actionnaires requise d'ici le 30 juin 2025.
Le PDG de l'entreprise, Richard Paolone, a déclaré que la décision d'annuler la transaction a été prise à la suite d'un examen interne, visant à renforcer le bilan et à recentrer la stratégie de création de valeur. La résiliation permettra aux deux entreprises de poursuivre des initiatives stratégiques indépendantes tout en maintenant une relation de travail positive.
De plus, Entero a annoncé la nomination de Anna Skowron en tant que Directrice Financière, à compter du 3 mars 2025. Skowron apporte 14 ans d'expérience en comptabilité, y compris une expertise en reporting financier, en conformité et en stratégie d'entreprise. Auparavant, elle a fondé Skowron Accounting Professional et a occupé des postes de Contrôleur Financier Mondial dans un fournisseur technologique multinational.
Entero Therapeutics (NASDAQ: ENTO) hat die Unterzeichnung eines Rücktrittsvertrags bekannt gegeben, um die Geschäftsverbindung mit ImmunogenX (IMGX) aufzulösen. Die Kombination, die ursprünglich am 18. Dezember 2023 angekündigt und am 14. März 2024 abgeschlossen wurde, wird rückgängig gemacht, pending der Zustimmung der Aktionäre, die bis zum 30. Juni 2025 erforderlich ist.
Der CEO des Unternehmens, Richard Paolone, erklärte, dass die Entscheidung, die Transaktion aufzulösen, nach einer internen Überprüfung getroffen wurde, die darauf abzielte, die Bilanz zu stärken und die Strategie zur Wertschöpfung neu auszurichten. Die Rücktrittsvereinbarung ermöglicht es beiden Unternehmen, unabhängige strategische Initiativen zu verfolgen und gleichzeitig eine positive Arbeitsbeziehung aufrechtzuerhalten.
Darüber hinaus kündigte Entero die Ernennung von Anna Skowron zur Finanzvorständin an, die am 3. März 2025 in Kraft tritt. Skowron bringt 14 Jahre Erfahrung in der Buchhaltung mit, einschließlich Fachkenntnissen in Finanzberichterstattung, Compliance und Unternehmensstrategie. Zuvor gründete sie Skowron Accounting Professional und hatte Positionen als globaler Finanzcontroller bei einem multinationalen Technologieanbieter inne.
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Insights
Entero Therapeutics' decision to unwind its recent acquisition of ImmunogenX is a significant strategic reversal that demands investor attention. The transaction, which closed on March 14, 2024, is being rescinded just one year later, pending shareholder approval by June 30, 2025.
This unusual and rapid unwinding raises serious questions about the original transaction's due diligence process. The CEO's statement that the rescission "puts Entero back in the game" and "strengthens our balance sheet" strongly suggests the acquisition created financial strain or strategic complications that quickly became apparent.
The rescission agreement involves 100% of the previous ImmunogenX shareholders, indicating a complete reversal rather than a partial adjustment. Without specific financial details, it's difficult to quantify the balance sheet impact, but the company's explicit mention of financial strengthening signals that unwinding this deal eliminates liabilities or cash outflows that were deemed detrimental.
This development represents both a correction of a potentially value-destructive acquisition and a concerning indicator about management's decision-making process. The concurrent appointment of a new CFO with experience in "business acquisitions and capital raising initiatives" appears strategically timed to help navigate this corporate restructuring.
Investors should closely monitor the upcoming shareholder vote and watch for detailed disclosures about financial implications in forthcoming SEC filings.
Boca Raton, Florida--(Newsfile Corp. - March 24, 2025) - Entero Therapeutics, Inc. (NASDAQ: ENTO) ("Entero" or the "Company"), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced today that Entero has successfully negotiated and signed a rescission agreement (the "Rescission Agreement") with
Richard Paolone, CEO of Entero, commented, "After completion of our internal review, we determined that executing the Rescission Agreement was the best option for Entero and our shareholders. Unwinding this transaction puts Entero back in the game and ultimately strengthens our balance sheet, refocuses our value creation strategy, and positions us for long-term success. This decision provides both Entero and IMGX the necessary flexibility to pursue their own respective strategic initiatives while maintaining a positive working relationship."
Further, Entero is pleased to announce effective March 3, 2025, Anna Skowron has joined Entero as our Chief Financial Officer. Ms. Skowron is highly experienced public accountant having served as the Principal at Skowron Accounting Professional Corporation, which she founded in 2015. With over 14 years of accounting related experience, Ms. Skowron specializes in financial reporting, compliance, corporate governance, and business strategy. Previously Ms. Skowron served as Global Financial Controller at a multi-national North American domiciled technology provider. She also managed consolidated reporting across North America for a global steel corporation. Ms. Skowron has played a key role in various business acquisitions and capital raising initiatives across multiple industries. Ms. Skowron holds a Bachelor of Commerce and Finance with specialization in Accounting and Economics from the University of Toronto and became a member of the Institute of Chartered Accountants of Ontario in 2014.
Further details and information about the Rescission Agreement will be posted on Entero's continuous disclosure record through the EDGAR portal.
For more information about Entero Therapeutics, visit www.enterothera.com and connect on X and LinkedIn.
About Entero Therapeutics
Entero Therapeutics, Inc., is a late clinical-stage biopharmaceutical company focused on the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. The Company's programs address significant unmet needs in GI health and include: latiglutenase, potentially first-in-class, targeted, oral biotherapeutic for celiac disease; capeserod, a selective 5-HT4 receptor partial agonist for indications including gastroparesis; and adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients in cystic fibrosis and chronic pancreatitis patients with exocrine pancreatic insufficiency. For more information visit www.enterothera.com.
Forward-Looking Statements
This press release may contain certain statements relating to future results which are forward-looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether the transactions contemplated by the Rescission Agreement (the "Rescission") may be completed, completed with different terms, in an untimely manner, or not at all; whether the Company and Journey will be able to receive the requisite approvals of stockholders and lenders to consummate the Rescission; whether the Company will be able to realize the expected benefits, or any benefits, from the Rescission r; whether the Company will be able to satisfy its outstanding obligations as they become due; whether the Company will be able to raise additional funds to satisfy its capital needs; whether the Company will be able to realize the expected benefits of the Rescission; whether results obtained in preclinical and nonclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether preliminary or interim results from a clinical trial will be indicative of the final results of the trial; whether the Company will be able to maintain compliance with applicable Nasdaq listing criteria and the effect of a delisting from Nasdaq on the market for the Company's securities; the size of the potential markets for the Company's drug candidates and its ability to service those markets;; and the Company's current and future capital requirements and its ability to raise additional funds to satisfy its capital needs. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company's financial results are contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on March 29, 2024, as well as the Company's subsequent filings with the SEC. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
For more information:
Entero Therapeutics, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
info@enterothera.com
Investor contact information:
Entero Investor Relations
investors@enterothera.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245950
FAQ
What are the terms of Entero Therapeutics (ENTO) rescission agreement with ImmunogenX?
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