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BRIEF-Capnia and Essentialis announce merger to create rare disease Therapeutics company
December 27, 2016 / 2:30 PM / 9 months ago

BRIEF-Capnia and Essentialis announce merger to create rare disease Therapeutics company

Dec 27 (Reuters) - Capnia Inc :

* Capnia and essentialis announce merger to create rare disease therapeutics company

* Capnia Inc - $8 million concurrent financing; sufficient to fund development plan through key value-creating milestones

* Capnia inc says combined company will be led by anish bhatnagar, md, Capnia’s chief executive officer

* Capnia Inc says merger transaction has been approved by boards of directors of both companies

* Capnia - funds from deal would be used to execute a planned Phase II/III clinical study evaluating efficacy and safety of DCCR for treatment of patients with pws

* Capnia Inc - also intends to evaluate alternatives for its portfolio of innovative pulmonary resuscitation solutions for neonatal market

* Capnia - Phase II/III clinical study Phase II/III clinical study evaluating efficacy and safety of dccr is expected to commence in second half of 2017

* Capnia Inc - enrollment in a Phase II/III clinical trial expected to begin in second half of 2017

* Capnia Inc - expects to issue shares of common stock at $0.96 per share to a syndicate comprised of current and new investors

* Capnia Inc - intends to evaluate alternatives for its legacy products and product candidates

* Capnia - board of directors of combined co is expected to consist of 9 directors, with 6 current capnia directors and 3 current essentialis directors

* Capnia Inc says David O‘Toole, capnia’s senior vice president and chief financial officer, will continue as CFO of combined company Source text for Eikon: Further company coverage:

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