Monday February 20, 2017 0 comments
BOULDER -- Miragen Therapeutics, Inc. (Nasdaq: MGEN), a clinical-stage biopharmaceutical company focused on the discovery and development of microRNA-targeted therapies, announced its merger with California-based Signal Genetics, Inc., effective Feb. 13.
Concurrent with the closing of the merger, miRagen said it received gross proceeds of $40.7 million in new equity investment from a combination of current and new miRagen investors, including Fidelity Management and Research Company, Brace Pharma Capital, Atlas Venture, Boulder Ventures, JAFCO Co., Ltd., MP Healthcare Venture Management, MRL Ventures (a venture fund of Merck, known as MSD outside the United States and Canada), Remeditex Ventures, and others.
Together with pre-merger cash on miRagen’s balance sheet, the combined company has approximately $60 million in cash and short-term investments.
Upon completion of the merger, Signal was renamed Miragen Therapeutics, Inc. The combined company is now trading on the NASDAQ Capital Market under the symbol “MGEN.”
“The completion of this merger marks a significant step forward for miRagen, our investors and potentially thousands of patients awaiting a therapeutic option for their conditions,” said William S. Marshall, miRagen president and CEO.
“The equity investment aligns the company’s cash resources with our plan to advance the first two clinical programs into additional trials and to develop a compelling pipeline of targeted product candidates, each focused on patient populations with few clinical options.
“We believe these transactions will help us create a more focused and well financed organization as we build an exciting enterprise, an innovative culture and value for current and future stockholders.”
Following the completion of the financing and merger, the combined company has approximately 21.3 million shares of common stock outstanding.
miRagen’s stockholders, including those who invested in the concurrent financing, received common stock representing approximately 95.2% of the outstanding shares. Signal’s stockholders retained approximately 4.8% of the combined company.
The combined company will operate under the leadership of Marshall. The board of directors of the combined company is comprised of seven members: Bruce Booth, John Creecy, Thomas Hughes, Kevin Koch, Kyle Lefkoff, Joseph Turner and Marshall.