Chondrial Therapeutics Signs a Reverse Merger Agreement with Zafgen

Shots:

• Under the agreement, Chondrial will become a wholly-owned subsidiary of Zafgen and holds ~60% stocks of the combined company while Zafgen will own the remaining stocks. Zafgen will be renamed as Larimar Therapeutics with HQ in Bala Cynwyd, Pennsylvania
• The transaction is expected to be close in H1’20. Following the completion, Chondrial will advance its lead asset, CTI-1601, currently being evaluated in P-I study for FA and has received FDA’s RPD & FT designation with its anticipated results in H2’20
• The merger will allow Chondrial to expand its efforts to develop additional therapies for rare diseases. Additionally, Chondrial plans to utilize its protein replacement therapy platform to design other therapies targeting additional orphan diseases exemplified by deficiencies in intracellular bioactive compounds

Click here ­to­ read full press release/ article | Ref: Zafgen | Image: Chondrial Therapeutics