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Polyphor AG has announced an Extraordinary General Meeting (EGM) scheduled for October 28, 2021, to approve a merger with EnBiotix Inc.. The EGM will be held virtually due to COVID-19 regulations. Financial results for H1 2021 show a total loss of CHF 23.6 million and cash position of CHF 17.9 million. R&D expenses primarily stemmed from the balixafortide Phase III program. A pre-EGM information call is set for October 14, 2021.
Polyphor and EnBiotix have signed a merger agreement to create a late-stage clinical development company focusing on rare diseases and oncology. EnBiotix will acquire Inhaled Murepavadin for USD 10 million, issuing 2,599,655 common shares, equating to 15.4% of their equity. Post-merger, Polyphor shareholders will hold 23-26% of the combined entity, which will trade under a new ticker on the Swiss Stock Exchange. The merger is subject to shareholder approval and other conditions, and aims to advance clinical trials for cystic fibrosis therapies, leveraging both companies' development pipelines.
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