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Thinly traded nanocap biotech Seelos Therapeutics Inc (NASDAQ: SEEL) is trading sharply higher on over three times its average volume. Seelos, which develops therapies for central nervous system disorders and other rare conditions, issued an update after the close Thursday on its pipeline development as well as corporate highlights. Since the completion of the reverse merger Jan. 24, Seelos has acquired two candidates: SLS-005 targeting orphan diseases of the CNS; and SLS-007 targeting alpha-synuclein aggregates in Parkinson's disease.
Seelos Therapeutics, Inc. (Nasdaq:SEEL), a clinical-stage biopharmaceutical company focused on the development and advancement of novel therapeutics to address unmet medical needs for the benefit of patients with central nervous system (CNS) disorders, announced today the completion of its previously disclosed merger with Apricus Biosciences, Inc. The combined company changed its name to Seelos Therapeutics, Inc. and will focus on the development and commercialization of CNS therapeutics with known mechanisms of action in areas with a highly unmet medical need. Seelos is expected to begin trading today, January 24, 2019, on The Nasdaq Capital Market under the ticker symbol “SEEL”. The previous ticker symbol was “APRI” (APRI). Seelos will maintain its headquarters in New York, New York and will be led by Chairman and Chief Executive Officer, Raj Mehra, Ph.D.
Apricus Biosciences, Inc. (APRI) has today reported that it obtained stockholder approval as required pursuant to the terms of the merger agreement with Seelos Therapeutics, Inc. and the related securities purchase agreement with selected investors or necessary under Nevada law, in order to complete the merger, the financing and related matters. The Company announced that over 95% of the votes cast were in favor of the merger with Seelos, over 85% of the votes cast were in favor of the reverse stock split and over 75% of the votes cast were in favor of each other proposal. “We are pleased that our responding stockholders indicated their support of the merger with Seelos by an overwhelming majority,” stated Richard W. Pascoe, Chief Executive Officer.
The Company announced that it needs additional time to solicit stockholder votes in order to obtain affirmative votes from a majority of the voting power of the Company’s outstanding common stock, which is required for certain proposals at the meeting: the reverse stock split (Proposal 2), which must be approved by a majority of the outstanding shares in order for the merger to close, and the name change to Seelos Therapeutics, Inc. (Proposal 3). The Company announced that over 90% of the votes cast to date have been in favor of the merger with Seelos (Proposal 1) and over 80% of the votes cast to date have been in favor of each other proposal. The special meeting was adjourned until 8:00 a.m., Pacific Time, on January 4, 2019 at Latham & Watkins LLP, located at 12670 High Bluff Drive, San Diego, California 92130, its original location.
Apricus Biosciences, Inc. (APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, reminds shareholders to vote by proxy before the upcoming special stockholders meeting on December 14, 2018. Apricus is holding a special meeting of stockholders in order to obtain the stockholder approvals required pursuant to the terms of the Merger Agreement with Seelos Therapeutics, Inc. and the Securities Purchase Agreement to finance the post-merger corporation or necessary under Nevada law, in order to complete the merger, the financing and related matters. The Apricus special meeting will be held at 8:00 a.m., Pacific time, on December 14, 2018 at Latham & Watkins LLP, located at 12670 High Bluff Drive, San Diego, California 92130, unless postponed or adjourned to a later date. If you have questions or need help voting your shares, please call our proxy solicitation firm, Morrow Sodali LLC at 1-877-787-9239.