{"id":405155,"date":"2020-12-23T09:27:45","date_gmt":"2020-12-23T14:27:45","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405155"},"modified":"2020-12-23T09:27:45","modified_gmt":"2020-12-23T14:27:45","slug":"yumanity-therapeutics-completes-reverse-merger-with-proteostasis-therapeutics","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/yumanity-therapeutics-completes-reverse-merger-with-proteostasis-therapeutics\/","title":{"rendered":"Yumanity Therapeutics Completes Reverse Merger with Proteostasis Therapeutics"},"content":{"rendered":"
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\n Shares of Yumanity to commence trading on Nasdaq under new ticker symbol \u201cYMTX\u201d on December 23, 2020<\/em>\n <\/p>\n

\n $33.6 million common stock private investment in public equity (\u201cPIPE\u201d) transaction closes concurrently with the merger<\/em>\n <\/p>\n

BOSTON, Dec. 23, 2020 (GLOBE NEWSWIRE) — Yumanity Therapeutics (Nasdaq: YMTX), a clinical-stage biopharmaceutical company focused on the discovery and development of innovative, disease-modifying therapies for neurodegenerative diseases, today announced that its reverse merger with Proteostasis Therapeutics, Inc. closed on December 22, 2020, following the approval of Proteostasis shareholders. The combined company will operate under the name Yumanity Therapeutics, Inc., and its shares will commence trading on the Nasdaq Capital Market on December 23, 2020, under the ticker symbol \u201cYMTX.\u201d The $33.6 million PIPE transaction, announced on December 15, closed concurrently with the merger.<\/p>\n

\u201cOur joining the NASDAQ stock exchange through this merger marks a transformative moment in the history of the company as we look to deliver disease-modifying treatments to patients suffering from neurodegenerative diseases,\u201d said Richard Peters, M.D., Ph.D., President, Chief Executive Officer and Director of Yumanity. \u201cOur accelerating momentum will continue into 2021 as we look to deliver clinical data from our lead program for Parkinson\u2019s disease as well as advance several other programs from our diverse portfolio of assets.\u201d<\/p>\n

Pursuant to the merger, all of Yumanity\u2019s outstanding equity was converted into Proteostasis common stock and securities convertible into or exercisable for Proteostasis common stock. Immediately following the completion of the merger, the former stockholders of Yumanity held approximately 70.3% of the outstanding fully-diluted shares of common stock of the combined company. Proteostasis shareholders and optionholders retained an ownership interest representing approximately 29.7% of the outstanding fully-diluted shares of common stock of the combined company. Proteostasis shareholders as of immediately prior to the merger also received contingent value rights entitling them to share in proceeds, if any, from the monetization of the Proteostasis cystic fibrosis assets, though there can be no assurances any such monetization will occur. The combined company will have nine directors including two Proteostasis directors, David Arkowitz and Kim Drapkin, and the existing Yumanity Directors; Dr. Tony Coles will serve as executive chairperson.<\/p>\n

Yumanity\u2019s development pipeline consists of the following programs:<\/p>\n