FORT COLLINS, Colo.,
Aug. 5, 2021 /PRNewswire/ -- Cytocom
Inc. (NASDAQ: CBLI), a leading biopharmaceutical company
creating next-generation immune therapies that focus on immune
restoration and homeostasis, today provided shareholders with an
update regarding its recent merger with Cleveland BioLabs. The
all-stock transaction, first announced in October 2020, was formally completed on
July 27, 2021.
"With the Cleveland BioLabs merger completed and Cytocom now
operating as a publicly-traded company, the management team at
Cytocom is in the process of integrating both companies as we are
rapidly advancing our late-stage clinical programs and expanding
our toll-like receptor platforms," stated Michael K. Handley, President and CEO of Cytocom
Inc. "Furthermore, we believe, through the combination of the
two companies, we have created one of the most compelling platforms
in the immunotherapy space with 21 programs utilizing eight
different assets."
Mr. Handley continued, "We expect to achieve a number of
financial and developmental milestones over the next 12 to 18
months that support our goal of becoming a recognized leader in
immune-modulating treatments including neutropenia/anemia, emergent
viruses, cancer, and autoimmune diseases. We intend to showcase the
power of our drug development platform and further generate
shareholder value."
Additional information related to the merger close can be found
in the Form 8-K filed with the U.S. Securities and Exchange
Commission (SEC) on July 28, 2021,
including the exchange ratio of private Cytocom stock to the new
public stock. Continental Stock Transfer & Trust is responsible
for implementing the issuance of shares of public Cytocom common
stock in accordance with the exchange ratio. Continental Transfer
& Trust is in the process of completing these activities and
will then initiate communication directly to shareholders to
provide the necessary forms for former shareholders to receive
their new registered freely tradable shares of common Cytocom Inc.
stock.
Cytocom acquired ImQuest Life Sciences in an all-stock deal,
first announced on July 20, 2020, and
completed on June 23, 2021. Pursuant
to the terms of the acquisition agreement, Cytocom escrowed stock
that is accounted for in the current public company's capital
structure that will be used to provide an aggregate of $12
million in value of Cytocom shares based on the
volume-weighted-average trading price of such shares over the
period beginning 30 trading days following the closing of such
merger. Continental Stock Transfer & Trust is responsible for
implementing the issuance of shares of Cytocom common stock to
former shareholders of ImQuest in accordance with the exchange
ratio.
All other aspects related to merger integration and stock
conversion are proceeding as expected. Management will provide a
detailed update of the post-merger activities on the company's
quarterly earnings call later this month. All questions
regarding the distribution of Cytocom common stock should be
directed to Continental Stock Transfer &
Trust. Continental Stock Transfer & Trust may be
contacted by mail at 1 State St., 30th Floor, New York, NY, 10004-1561 or by phone at
(212) 509-4000.
About Cytocom
Cytocom Inc. is a clinical-stage
biopharmaceutical company developing novel immunotherapies
targeting autoimmune, neutropenia/anemia, emerging viruses and
cancers based on a proprietary platform designed to rebalance the
body's immune system and restore homeostasis. The company also has
one of the largest platforms of toll-like immune receptors (TLR4,
TLR5 and TLR9) in the biopharmaceutical industry, addressing
conditions such as radiation sickness and cancer treatment side
effects. Cytocom is developing therapies designed to elicit
directly within patients a robust and durable response of
antigen-specific killer T-cells and antibodies, thereby activating
essential immune defenses against autoimmune, inflammatory,
infectious diseases, and cancers. Specifically, Cytocom has several
clinical-stage development programs for Crohn's disease, pancreatic
cancer, COVID-19 in addition to expansion to fibromyalgia and
multiple sclerosis. To learn more about Cytocom Inc., please visit
www.cytocom.com.
Forward Looking Statements:
This press
release contains forward-looking statements that involve risks and
uncertainties. All statements other than statements of current or
historical fact contained in this press release, including
statements regarding the integration of Cytocom and CBLI's
businesses, future financial position, business strategy, new
products, budgets, liquidity, cash flows, projected costs,
regulatory approvals, the impact of any laws or regulations
applicable to the company, and plans and objectives of management
for future operations, are forward-looking statements. The words
"anticipate," "believe," "continue," "should," "estimate,"
"expect," "intend," "may," "plan," "project," "will," and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements on the current expectations about future events held by
management. While we believe these expectations are reasonable,
such forward-looking statements are inherently subject to risks and
uncertainties, many of which are beyond our control. The company's
actual future results may differ materially from those discussed
here for various reasons. The company discusses many of these risks
under the heading "Risk Factors" in the proxy statement/prospectus
filed with the SEC, as updated by the company's other filings with
the SEC. Factors that may cause such differences include, but are
not limited to, the outcome of any legal proceedings that
have been or may be instituted against the company related to the
merger agreement or the merger; unexpected costs, charges or
expenses resulting from the merger; our need for additional
financing to meet our business objectives; our history of operating
losses; our ability to successfully develop, obtain regulatory
approval for, and commercialize our products in a timely manner;
our plans to research, develop and commercialize our product
candidates; our ability to attract collaborators with development,
regulatory and commercialization expertise; our plans and
expectations with respect to future clinical trials and commercial
scale-up activities; our reliance on third-party manufacturers of
our product candidates; the size and growth potential of the
markets for our product candidates, and our ability to serve those
markets; the rate and degree of market acceptance of our product
candidates; regulatory requirements and developments in
the United States, the European
Union and foreign countries; the performance of our third-party
suppliers and manufacturers; the success of competing therapies
that are or may become available; our ability to attract and retain
key scientific or management personnel; our reliance on government
funding for a significant portion of our operating costs and
expenses; government contracting processes and requirements; the
exercise of significant influence over our company by our
largest individual stockholder; the impact of the novel coronavirus
("COVID-19") pandemic on our business, operations and clinical
development; the geopolitical relationship between
the United States and the
Russian Federation as well as
general business, legal, financial and other conditions within the
Russian Federation; our ability to
obtain and maintain intellectual property protection for our
product candidates; our potential vulnerability to cybersecurity
breaches; and other factors discussed in our SEC filings, including
our Annual Report on Form 10-K for the year ended December 31, 2020 and the risk factors
discussed under the heading "Risk Factors" in the proxy
statement/prospectus the company filed in connection with the
merger.
Given these uncertainties, you should not place undue
reliance on these forward-looking statements. The forward-looking
statements included in this press release are made only as of the
date hereof. We do not undertake any obligation to update any such
statements or to publicly announce the results of any revisions to
any of such statements to reflect future events or
developments.
Contacts:
Cytocom Inc.
Nichol Ochsner
Senior V.P. Investor Relations and Corporate Communications
(732) 754-2545
nichol.ochsner@cytocom.com
Tiberend Strategic Advisors,
Inc.
Maureen
McEnroe, CFA (Investors)
(212) 375-2664
mmcenroe@tiberend.com
Johanna Bennett (Media)
(212) 375-2686
jbennett@tiberend.com
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SOURCE Cytocom, Inc.