Brooklyn ImmunoTherapeutics Completes Reverse Merger with NTN Buzztime
March 25 2021 - 5:20PM
Business Wire
- Shares of Brooklyn ImmunoTherapeutics to commence trading on
the NYSE American on March 26, 2021 under the new ticker symbol
“BTX”
- Immediately prior to the closing of the merger, there was a
one for two reverse stock split of the outstanding shares of common
stock
Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX)
(“Brooklyn”), a biopharmaceutical company focused on exploring the
role that cytokine-based therapy can have in treating patients with
cancer, today announced the completion of the reverse merger with
NTN Buzztime, Inc. Brooklyn will focus on the advancement of IRX-2,
its cytokine-based compound for the treatment of various cancers,
as well as opportunities in the area of gene editing/cell therapy
through its option agreement with Factor Bioscience/Novellus.
Brooklyn's common stock will trade on the NYSE American Exchange
under the ticker symbol “BTX” commencing on March 26, 2021.
"The reverse merger with NTN Buzztime is a major step forward
for Brooklyn,” said Ronald Guido, MS, MS Pharm. Med., Chief
Executive Officer of Brooklyn. “We look forward to continuing to
evaluate IRX-2, a human cell-derived IL-2 therapeutic in
neoadjuvant (pre-surgical) and adjuvant (post-operative) treatment
for advanced head and neck squamous cell cancer. IRX-2 has received
both fast track designation and orphan drug designation from the
FDA for this indication with topline results from our Phase 2b
clinical trial expected in the first half of next year. IRX-2 is
also being studied in clinical trials in multiple oncology
indications, both as a single agent and in combination with other
anti-cancer drugs including checkpoint inhibitors.”
At the closing under the merger agreement, Brooklyn
ImmunoTherapeutics LLC merged with a wholly owned subsidiary of NTN
Buzztime and became a wholly owned subsidiary of NTN Buzztime,
which changed its name to Brooklyn ImmunoTherapeutics, Inc.
Immediately following the closing, the former members of Brooklyn
ImmunoTherapeutics LLC collectively own approximately 96.25% of the
outstanding common stock of Brooklyn and the stockholders of NTN
Buzztime prior to the merger own the remaining 3.75% of Brooklyn’s
outstanding common stock. Further, following the closing of the
merger, there are approximately 41.5 million post-reverse split
shares of common stock outstanding.
In connection with the transaction, Maxim Group LLC served as
the financial advisor for Brooklyn.
About IRX-2
IRX-2 is an allogeneic, reproducible, primary, human
cell-derived IL-2 therapeutic with multiple active cytokine
components that act on various parts of the immune system, to
activate the entire tumor microenvironment. In addition to IL-2,
IRX-2 contains multiple human cytokines that promote or enhance an
immune response. IRX-2 is administered as a subcutaneous injection
around lymph node beds.
IL-2 is a powerful immune factor that plays an important role in
maintaining and restoring T cell response. IL-2 has induced
response in cancer patients however recombinant formulations of
IL-2 have been limited by toxicity and high doses of recombinant
IL-2 results in significant immune-related adverse effects.
About Brooklyn ImmunoTherapeutics, Inc.
Brooklyn is focused on exploring the role that cytokine-based
therapy can have in treating patients with cancer, both as a single
agent and in combination with other anti-cancer therapies. The
company is also exploring opportunities to advance therapies using
leading edge gene editing/cell therapy technology through its
option agreement with Factor Bioscience/Novellus.
Brooklyn’s most advanced program is studying the safety and
efficacy of IRX-2 in patients with head and neck cancer. In a Phase
2A clinical trial in head and neck cancer, IRX-2 demonstrated an
overall survival benefit. Additional studies are either underway or
planned in other solid tumor cancer indications.
For more information about Brooklyn and its clinical programs,
please visit www.BrooklynITx.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210325005960/en/
Media Relations: MacDougall Nicholas Chang
nchang@macbiocom.com 781-235-3060
Investor Relations: CORE IR 516-222-2560
investors@brooklynitx.com
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