Protagenic Therapeutics (PTIX) and Phytanix Bio said Monday that they have agreed to combine in an all-stock deal.
The combined entity will be called Phytanix Inc. and will bring together two pipelines focused on stress-related and central nervous system disorders, five preclinical assets, and one clinical-stage asset, the companies said.
The combined company will be 35% owned by pre-combination Protagenic stockholders and 65% owned by Phytanix Bio stockholders after the merger, the companies said.
Shares of Protagenic were up 99% in recent Monday premarket activity.
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