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Benzinga
Benzinga
Technology
Vandana Singh

Caladrius Biosciences To Merge With Privately-Held Cend Therapeutics

  • Caladrius Biosciences Inc (NASDAQ:CLBS) and privately-held Cend Therapeutics Inc have agreed to merge in an all-stock approximate "merger of equals" transaction approved by the Boards of Directors of each company. 
  • The transaction values each company at $90 million, which for Caladrius represents a 136% premium to its market cap on April 26.
  • Following closing, the combined company will be renamed Lisata Therapeutics Inc and trade on the Nasdaq under the ticker symbol LSTA. 
  • The merger is currently expected to close in the third quarter of 2022.
  • Following the merger's closing, Lisata is expected to advance CEND-1 as its lead product candidate in a variety of difficult to treat solid tumor applications, including pancreatic ductal adenocarcinoma (PDAC).
  • CEND-1 is being evaluated in ongoing Phase 1 and Phase 2 clinical studies with Cend and its partner in China, Qilu Pharmaceutical. 
  • Additional Phase 1b/2 PDAC clinical data is expected as early as 2023. 
  • Lisata also plans to initiate an additional trial in PDAC in combination with immunotherapy and a trial(s) exploring applications of CEND-1 in other difficult to treat solid tumors, such as hepatocellular, gastric, and breast cancers, with additional therapeutic combinations. 
  • Under the terms of the definitive merger agreement, David Mazzo, current President and CEO of Caladrius, will be the Chief Executive Officer of Lisata.
  • David Slack, the current President & CEO of Cend, will be Lisata's President and Chief Business Officer.
  • Kristen K. Buck, MD, current Executive Vice President of R&D and Chief Medical Officer, will continue in those roles with Lisata. 
  • Upon closing, shareholders of Cend will receive approximately 60.5 million shares of Caladrius common stock, resulting in the shareholders of each company owning about 50% of the combined company. 
  • Price Action: CLBS shares are down 1.48% at $0.62 during the market session on the last check Wednesday.
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