By Chris Wack
Shares of Protagenic Therapeutics doubled after it agreed to be bought by Phytanix Bio in an all-stock transaction.
The company's stock was 133% higher, at $7.07, in morning trade, but still down 67% in the past 12 months.
The combined entity will be called Phytanix Inc.
As calculated on a fully diluted basis, Protagenic shareholders post-combination will own 35% of the new company, and Phytanix Bio stockholders will own 65% of the company.
Phytanix Bio is a pharmaceutical company specializing in the development of medicines manufactured from cannabinoid and cannabinoid-like molecules.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 19, 2025 10:06 ET (14:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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