March 20, 2017 / 12:19 PM / 5 months ago

BRIEF-Cerulean Pharma and Daré Bioscience enter into stock purchase agreement

March 20 (Reuters) - Cerulean Pharma Inc

* Cerulean pharma and daré bioscience enter into stock purchase agreement

* Cerulean pharma inc - cerulean enters into two agreements to sell assets

* Cerulean pharma inc- cerulean pays off debt facility and announces reduction in force

* Cerulean pharma inc - stockholders of daré bioscience will receive shares of newly issued cerulean common stock

* Cerulean pharma inc - outstanding daré bioscience options and convertible securities will be assumed by cerulean

* Cerulean pharma inc - sabrina martucci johnson to be named ceo of combined company

* Cerulean pharma inc - transaction has been unanimously approved by boards of directors of both companies

* Cerulean pharma inc - cerulean sold its clinical product candidates, crlx101 and crlx301, for $1.5 million to bluelink pharmaceuticals

* Cerulean pharma inc - cerulean also entered into an agreement with novartis

* Cerulean pharma inc-in connection with the transactions, it is paying off its debt facility with hercules capital, inc.

* Cerulean pharma inc - novartis will acquire all rights to cerulean's dynamic tumor targeting(tm) platform for $6 million

* Cerulean pharma-board of combined company will consist of five members, three to be designated by daré and two to be designated by cerulean

* Cerulean pharma inc- upon close of proposed transaction, board of directors of combined company will consist of five members

* Cerulean pharma inc - sold its clinical product candidates, crlx101 and crlx301, for $1.5 million to bluelink pharmaceuticals, unit of newlink genetics corporation

* Cerulean pharma inc - is reducing its workforce by 11 people, or approximately 58%, to a total of eight full-time equivalent employees

* Cerulean pharma inc - officers of combined company will include sabrina martucci johnson, ceo , and lisa walters-hoffert, chief financial officer

* Cerulean pharma inc - it is expected that existing cerulean stockholders will own between 30% and 49% of combined company Source text for Eikon: Further company coverage:

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