Shots:

• Innovate to acquire all outstanding shares of RDD in exchange for a combination of common and preferred shares and create a new Nasdaq listed company. Following the closing of Merger- Innovate will be renamed 9 Meters Biopharma and RDD will receive $25M including 10M up front in final capital invested concurrent
• The focus of the acquisition is to bolster Innovate's GI disease portfolio. Innovate stockholders will own ~58.5% and former RDD stockholders will own up to 41.5% of the 9 Meters Biopharma’s capital stock on a fully diluted basis
• 9 Meters Biopharma will focus on developing therapies for specialty- rare and orphan patients with GI diseases with a diversified pipeline including the first drug entering in a P-III study for celiac disease

Click here to­ read full press release/ article | Ref: Accesswire | Image: RDD