Innovate Biopharmaceuticals completed its reverse merger with Monster Digital, entirely absorbing the company and becoming a publicly traded entity.
Here's what you should know:
1. Monster Digital took on the Innovate Biopharmaceuticals moniker. The combined company will adopt a new ticker, INNT, on the Nasdaq, Jan. 31. This will mark the first time Innovate has been a publicly traded company.
2. As part of the acquisition, Innovate Biopharmaceuticals commenced a 1 for 10 reverse split on trading. The split will be reflected prior to market open Jan. 31.
3. Innovate's CEO Christopher Prior, PhD, said the company will use the proceeds from financing to advance Innovate's celiac disease drug into phase III clinical trials. He added as a public company, Innovate will be able to engage new investors.
4. Innovate's Founder and President Jay Madan said, "It's an exciting transition for Innovate as we strive to become a leader in autoimmune and inflammatory drug development for diseases with unmet medical needs. With the continued support from our existing investors, and now with access to the capital markets, our main focus will be rapidly progressing our clinical assets."
Monster Digital is a company that designs and engineers advanced data storage and action sports camera for consumers.