Once A Cancer Company, Silverback Merges With Small Biotech Working On Allergy Treatment

• ARS Pharmaceuticals Inc will merge with Silverback Therapeutics Inc (NASDAQ: SBTX) in an all-stock transaction, with a new entity operating under the ARS Pharmaceuticals name and trade on NASDAQ under the SPRY symbol.

• The combined company will focus on neffy, ARS's investigational epinephrine nasal spray for Type I allergic reactions, including anaphylaxis.

• The combined entity is expected to have approximately $265 million in cash and equivalents at closing.

• Also Read: Silverback Therapeutics Axes Lead Immuno-Oncology Candidates, Lays Off 27% Workforce.

• ARS designed neffy to provide injection-like absorption of epinephrine in a small, easy-to-carry, easy-to-use, and rapidly administered nasal spray device.

• With its needle-free administration, neffy may help eliminate the anxiety and hesitation associated with using an autoinjector.

• ARS is preparing to submit its FDA marketing application for neffy in Q3 of 2022. If approved, ARS plans to launch neffy in the U.S. in 2023.

• Silverback equity holders will own approximately 37%, and pre-merger ARS will own 63% of the combined company.

• Price Action: SBTX shares are down 10.4% at $3.94 during the premarket session on the last check Friday.

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