BALTIMORE–(BUSINESS WIRE)–Akers Biosciences, Inc. (“Akers”) (Nasdaq: AKER) and MyMD Pharmaceuticals, Inc. (“MYMD”) at the moment introduced that at Akers’ particular assembly of stockholders held on April 15, 2021, Akers obtained ample votes for every proposal required to consummate the beforehand introduced proposed merger between Akers and MYMD. MYMD beforehand obtained a ample quantity of written consents from its stockholders to consummate the merger.
Upon closing, the mixed firm will likely be named MyMD Pharmaceuticals, Inc. and will stay listed on the Nasdaq underneath the brand new ticker image “MYMD,” starting April 19, 2021. The firm intends to deal with growing and commercializing novel immunotherapy pipeline belongings, together with MYMD-1, a first-in-class drug being developed to deal with autoimmune and age-related illnesses, together with extending the human lifespan.
“I am extremely proud of our dedicated team, who has put forth time and effort to get us to this significant milestone,” stated Chris Chapman, M.D., President and Chief Medical Officer of MyMD. “The closing of this merger should further position our company to advance our pipeline of drug candidates, including our recently announced Phase 2 trial that we plan to initiate, which continue to show tremendous promise for a myriad of indications. We are grateful for the support of or new and existing shareholders, who remain alongside us as we continue on this exciting journey.”
MYMD-1 has been proven to be efficient in regulating the immune system from inflicting age-related illnesses in preclinical research. MyMD believes that it’s the first oral small molecule regulator of tumor necrosis issue alpha (TNF-α) succesful of crossing the blood-brain barrier. Additionally, a current examine from the Eurofins Discovery human phenotypic screening platform revealed the potential of MYMD-1 to be developed as a remedy for fibrosis. Looking ahead, MyMD intends to additionally proceed to develop its second asset, Supera-CBD, a drug platform based mostly on a patent-protected, artificial spinoff of cannabidiol (CBD) that seeks to focus on key cannabinoid receptors.
Pursuant to the Agreement and Plan of Merger and Reorganization, dated as of November 11, 2020, by and amongst Akers, MYMD and XYZ Merger Sub, Inc., an entirely owned subsidiary of Akers (“Merger Sub”), as amended, Merger Sub will merge with and into MYMD (the “Merger”), with MYMD surviving the Merger as a direct wholly owned subsidiary of Akers. Upon consummation of the Merger, MYMD will change its title to “MyMD Pharmaceuticals (Florida), Inc.” and Akers will change its title to “MyMD Pharmaceuticals, Inc.” In reference to the Merger, Akers will impact a 1-for-2 reverse inventory cut up of its widespread inventory (the “Reverse Split”). Akers and MYMD count on the title modifications, the Reverse Stock Split, and the Merger to turn out to be efficient after-market hours on Friday, April 16, 2021. Effective with the aforementioned modifications, a complete of roughly 37,282,169 shares of widespread inventory will likely be excellent, with the CUSIP quantity altering to 62856X102.
Following the completion of the Merger, Akers will succeed to the enterprise of MYMD as its principal line of enterprise.
About MyMD Pharmaceuticals, Inc.
MyMD is a medical stage pharmaceutical firm dedicated to extending wholesome lifespan by specializing in growing two therapeutic platforms. MYMD-1 is a drug platform based mostly on a medical stage small molecule that regulates the immunometabolic system to manage TNF-α and different pro-inflammatory cytokines. MYMD-1 is being developed to deal with autoimmune illnesses, together with these at the moment handled with non-selective TNF-α blocking medication, and growing older and longevity. SUPERA-CBD is a drug platform based mostly on a novel (patent pending) artificial spinoff of cannabidiol (CBD) that targets quite a few key receptors together with CB2 and opioid receptors and inhibits monoamine oxidase. SUPERA-CBD is being developed to deal with the quickly rising CBD market, that features FDA permitted medication and CBD merchandise not at the moment regulated as a drug. For extra data, go to www.mymd.com.
No Offer or Solicitation
This communication shall not represent a suggestion to promote or the solicitation of a suggestion to promote or the solicitation of a suggestion to purchase any securities, nor shall there be any sale of securities in any jurisdiction during which such provide, solicitation or sale can be illegal previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction. No public provide of securities shall be made besides by means of a prospectus assembly the necessities of Section 10 of the Securities Act of 1933, as amended.
Important Additional Information Will be Filed with the SEC
In reference to the proposed transaction between Akers and MyMD, Akers has filed with the SEC a registration assertion on Form S-Four that features a proxy assertion and prospectus of Akers. The registration assertion was declared efficient by the SEC on March 23, 2021, and the proxy assertion of Akers and prospectus was mailed to the stockholders of Akers on or about March 23, 2021. Akers might also file different related paperwork with the SEC relating to the proposed transaction. AKERS URGES INVESTORS AND STOCKHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT AKERS, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and shareholders might get hold of free copies of the proxy assertion, prospectus and different paperwork filed by Akers with the SEC by means of the web site maintained by the SEC at www.sec.gov. In addition, traders and shareholders might get hold of free copies of the proxy assertion, prospectus and different paperwork filed by Akers with the SEC by contacting Investor Relations by mail at Akers Biosciences, Inc., Attn: Investor Relations, 1185 Avenue of the Americas, third Floor, New York, New York USA 10036. Investors and stockholders are urged to learn the proxy assertion, prospectus and the opposite related supplies earlier than making any voting or funding choice with respect to the proposed transaction.
Participants within the Solicitation
Akers and MyMD, and every of their respective administrators and government officers and sure of their different members of administration and staff, could also be deemed to be contributors within the solicitation of proxies in reference to the proposed transaction. Information about Akers’ administrators and government officers is included in Akers’ Annual Report on Form 10-Okay for the yr ended December 31, 2020, filed with the SEC on March 1, 2021. Additional data relating to these individuals and their pursuits within the transaction are included within the definitive proxy assertion/prospectus referred to above. These paperwork will be obtained free of cost from the sources indicated above.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained on this communication relating to issues that aren’t historic information are forward-looking statements inside the which means of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, generally known as the PSLRA. These embrace statements relating to administration’s intentions, plans, beliefs, expectations or forecasts for the longer term, and, subsequently, you might be cautioned to not place undue reliance on them. No forward-looking assertion will be assured, and precise outcomes might differ materially from these projected. Akers and MyMD undertake no obligation to publicly replace any forward-looking assertion, whether or not because of this of new data, future occasions or in any other case, besides to the extent required by legislation. We use phrases comparable to “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and related expressions to determine these forward-looking statements which can be supposed to be lined by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based mostly on our expectations and contain dangers and uncertainties; consequently, precise outcomes might differ materially from these expressed or implied within the statements attributable to a quantity of components, together with, however not restricted to, dangers referring to the completion of the merger, together with the satisfaction of relevant closing situations; the money balances of the mixed firm following the closing of the merger; the power of Akers to stay listed on the Nasdaq Capital Market in reference to the merger; and anticipated merger-related money outlays, together with the timing and quantity of these outlays. Risks and uncertainties associated to MyMD that will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking assertion embrace, however should not restricted to: the timing of, and MyMD’s skill to, get hold of and keep regulatory approvals for medical trials of MyMD’s pharmaceutical candidates, the timing and outcomes of MyMD’s deliberate medical trials for its pharmaceutical candidates, the quantity of funds MyMD requires for its pharmaceutical candidates; elevated ranges of competitors; modifications in political, financial or regulatory situations typically and within the markets during which MyMD operates; MyMD’s skill to retain and entice senior administration and different key staff; MyMD’s skill to shortly and successfully reply to new technological developments; MyMD’s skill to guard its commerce secrets and techniques or different proprietary rights, function with out infringing upon the proprietary rights of others and forestall others from infringing on MyMD’s proprietary rights; and the influence of the continued COVID-19 pandemic on MyMD’s outcomes of operations, marketing strategy and the worldwide economic system.
New components emerge occasionally and it isn’t doable for us to foretell all such components, nor can we assess the influence of every such issue on the enterprise or the extent to which any issue, or mixture of components, might trigger precise outcomes to vary materially from these contained in any forward-looking statements. These dangers, in addition to different dangers related to the mixture, are extra absolutely mentioned within the Akers registration assertion on Form S-4 (File No. 333-252181), as amended, initially filed with the SEC on January 15, 2021. Additional dangers and uncertainties are recognized and mentioned within the “Risk Factors” part of Akers’ Annual Report on Form 10-Okay, Quarterly Reports on Form 10-Q and different paperwork filed occasionally with the SEC. Forward-looking statements included on this launch are based mostly on data out there to Akers and MyMD as of the date of this launch. Neither Akers nor MyMD undertakes any obligation to replace such forward-looking statements to mirror occasions or circumstances after the date of this launch.