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GRI Bio, Inc. (NASDAQ: VLON), formerly Vallon Pharmaceuticals, has completed a merger with GRI Bio Operations, marking a significant milestone for the company. It will focus on innovative therapies targeting Natural Killer T (NKT) cells to treat inflammatory, fibrotic, and autoimmune diseases. The company's ticker will change from VLON to GRI, effective April 24, 2023. GRI Bio is advancing a pipeline that includes GRI-0621, designed for idiopathic pulmonary fibrosis, with data expected mid-2024. Additionally, GRI-0803 will target systemic lupus erythematosus, with a Phase 1 study planned for 2023. Approximately 85% of the combined entity's equity now belongs to former GRI equity holders, following a $15 million investment from Altium Capital to support future operations.
Vallon Pharmaceuticals has announced its stockholders approved a merger with GRI Bio, a private biotechnology firm, at a special meeting held on April 20, 2023. The merger is anticipated to close on April 21, 2023, following the approval of several proposals, with 67% of outstanding shares voting. The exchange ratio is set at 0.0374 based on Vallon's closing price of $0.46 on the same day.
Additionally, a 1-for-30 reverse stock split was approved, converting every 30 shares into one. Post-merger, the new entity will operate under the name GRI Bio, Inc., focusing on an innovative pipeline targeting inflammatory and fibrotic diseases. Altium Capital has committed approximately $15 million to support GRI's development, with an initial focus on idiopathic pulmonary fibrosis. Shares will commence trading under the new ticker symbol GRI on April 24, 2023.
Vallon Pharmaceuticals (NASDAQ: VLON) announced that its Special Meeting of Stockholders, originally scheduled for April 12, 2023, has been adjourned to provide additional time for stockholders to vote on proposals in the definitive Proxy Statement, especially regarding the proposed merger with GRI Bio. The meeting will reconvene on April 20, 2023, at 9:00 am ET. The Board recommends stockholders vote FOR the proposals. Record stockholders as of March 6, 2023 are eligible to vote, with a deadline of April 19, 2023, at 11:59 pm ET. Successful approval requires a majority of the shares cast. Vallon emphasizes the significance of each vote for the merger's potential approval.
Vallon Pharmaceuticals (NASDAQ: VLON) announced that over 90% of voting shareholders have shown support for five proposals, including a significant merger with GRI Bio. The company urges stockholders of record as of March 6, 2023, to vote ahead of the Special Stockholder Meeting on April 12, 2023. A crucial aspect of this merger is the approval of Proposal 2, which involves a reverse stock split, necessary for finalizing the merger. Vallon’s board unanimously supports the merger, emphasizing its potential to enhance their clinical-stage biopharmaceutical capabilities targeting severe diseases related to immune responses.
Vallon Pharmaceuticals, Inc. (NASDAQ: VLON) reported its financial results for the fiscal year ending December 31, 2022, with a net loss of $7.0 million, an improvement from $9.3 million in 2021.
Research and development expenses decreased to $1.2 million from $5.2 million due to reduced ADAIR development costs. However, general and administrative expenses rose to $5.8 million from $4.1 million, attributed to strategic evaluations. Vallon is merging with GRI Bio, focusing on NKT cell regulators for autoimmune diseases, with the merger expected to close in Q2 2023.
Vallon Pharmaceuticals (NASDAQ: VLON) and GRI Bio will present at the Virtual Investor 2023 Companies to Watch Event on January 17, 2023, at 1:00 PM ET. The presentation will cover their definitive agreement for a merger, where GRI Bio will merge with a Vallon subsidiary in an all-stock transaction. This merger aims to enhance GRI Bio’s pipeline of NKT cell modulators for treating inflammatory, fibrotic, and autoimmune diseases. The transaction is expected to close in the first quarter of 2023.
Vallon Pharmaceuticals (NASDAQ: VLON) and GRI Bio have announced a merger agreement in an all-stock transaction, expected to close in Q1 2023. The combined entity will operate as GRI Bio, focusing on innovative therapies for inflammatory and autoimmune diseases through NKT cell regulators. GRI Bio will receive a $15 million investment at closing and an additional $10 million conditional investment to support its development pipeline, primarily targeting idiopathic pulmonary fibrosis (IPF). The merger aims to create value for shareholders by advancing GRI Bio’s promising therapeutic pipeline.
Vallon Pharmaceuticals (NASDAQ: VLON) reported a net loss of $1.0 million for Q3 2022, compared to prior year results. Research and development expenses decreased to $18,000, while general and administrative expenses rose to $1.4 million, largely due to costs associated with evaluating strategic alternatives.
The company is pursuing strategic alternatives, potentially including mergers or asset acquisitions, and plans to update stakeholders once evaluations are complete. Cash, cash equivalents, and marketable securities stood at approximately $5.2 million.
Vallon Pharmaceuticals (NASDAQ: VLON) reported its financial results for Q2 2022, noting a net loss of $1.8 million. The company completed a registered direct offering, raising $3.9 million in gross proceeds. Key developments include engaging Ladenburg Thalmann to explore strategic alternatives and announcing pharmacodynamics and pharmacokinetics results from the SEAL study on ADAIR, their investigational product. Additionally, a new patent for ADAIR was issued in Japan, enhancing its market position.
Vallon Pharmaceuticals (NASDAQ: VLON) announced a registered direct offering of 3.7 million shares at $1.0632 per share, aiming to raise funds for general corporate purposes and strategic exploration. The sale, expected to close around May 17, 2022, is part of a broader strategy to maximize shareholder value, which may include potential mergers or acquisitions. In addition, the company will issue warrants for another 3.7 million shares at an exercise price of $0.9382, expiring in five years.
