TORRANCE, Calif.--(BUSINESS WIRE)--Forte Biosciences, Inc. (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, today announced the closing of its previously announced merger with Tocagen Inc. (previously trading on NASDAQ under the symbol "TOCA"), under which the stockholders of Forte have become the majority owners of Tocagen, and the operations of Forte and Tocagen have combined. The company will be led by Paul Wagner, Ph.D., as CEO. The new combined company known as Forte Biosciences will commence trading June 16, 2020 on the Nasdaq Capital Market under the trading symbol "FBRX".
"Forte's transition to the public market is a significant milestone for us and serves as testament to the determination of our team and the support of our investors including Alger, ArrowMark, BVF Partners LP, OrbiMed and Franklin Templeton. We believe that the closing of the merger signifies a transformative event that will provide Forte with the opportunity to achieve significant growth as we continue to advance Forte's clinical program for FB-401, a live biotherapeutic for the treatment of inflammatory skin diseases," said Paul Wagner, Forte's CEO. "Forte's team is passionate about helping those who suffer from dermatologic diseases, and will pursue the development of impactful products to treat such conditions. We believe Forte's balance sheet is now well positioned to execute on our plan. Forte presents an attractive business opportunity with a unique product pipeline that has considerable market potential, as well as significant value-driving clinical milestones."
In connection with the closing of the merger, Tocagen effected a 15:1 reverse split of its common stock. Post-merger and post-reverse split, Forte has approximately 10.8 million shares of common stock issued and outstanding with prior Forte stockholders collectively owning approximately 84.7% of the combined company, and prior Tocagen stockholders collectively owning approximately 15.3% of the combined company.
Ladenburg Thalmann & Co. Inc. acted as exclusive financial advisor to Tocagen for the transaction and Cooley LLP served as legal counsel to Tocagen. Wilson Sonsini Goodrich & Rosati, P.C. served as legal counsel to Forte Biosciences.
About Forte
Forte Biosciences, Inc. is a clinical stage, dermatology company developing a live biotherapeutic, FB-401, for the treatment of inflammatory skin diseases. FB-401 has completed Phase 1/2a testing in adult and pediatric (3 years of age and older) patients with atopic dermatitis. There is a significant unmet need for safe and effective therapies particularly for pediatric atopic dermatitis patients. Forte plans to advance FB-401 into a randomized Phase 2 clinical trial in mid-2020.
Source: Forte Biosciences, Inc.
Contacts
Forte Biosciences, Inc.
Paul Wagner, CEO
investors@fortebiorx.com
"Forte's transition to the public market is a significant milestone for us and serves as testament to the determination of our team and the support of our investors including Alger, ArrowMark, BVF Partners LP, OrbiMed and Franklin Templeton. We believe that the closing of the merger signifies a transformative event that will provide Forte with the opportunity to achieve significant growth as we continue to advance Forte's clinical program for FB-401, a live biotherapeutic for the treatment of inflammatory skin diseases," said Paul Wagner, Forte's CEO. "Forte's team is passionate about helping those who suffer from dermatologic diseases, and will pursue the development of impactful products to treat such conditions. We believe Forte's balance sheet is now well positioned to execute on our plan. Forte presents an attractive business opportunity with a unique product pipeline that has considerable market potential, as well as significant value-driving clinical milestones."
In connection with the closing of the merger, Tocagen effected a 15:1 reverse split of its common stock. Post-merger and post-reverse split, Forte has approximately 10.8 million shares of common stock issued and outstanding with prior Forte stockholders collectively owning approximately 84.7% of the combined company, and prior Tocagen stockholders collectively owning approximately 15.3% of the combined company.
Ladenburg Thalmann & Co. Inc. acted as exclusive financial advisor to Tocagen for the transaction and Cooley LLP served as legal counsel to Tocagen. Wilson Sonsini Goodrich & Rosati, P.C. served as legal counsel to Forte Biosciences.
About Forte
Forte Biosciences, Inc. is a clinical stage, dermatology company developing a live biotherapeutic, FB-401, for the treatment of inflammatory skin diseases. FB-401 has completed Phase 1/2a testing in adult and pediatric (3 years of age and older) patients with atopic dermatitis. There is a significant unmet need for safe and effective therapies particularly for pediatric atopic dermatitis patients. Forte plans to advance FB-401 into a randomized Phase 2 clinical trial in mid-2020.
Source: Forte Biosciences, Inc.
Contacts
Forte Biosciences, Inc.
Paul Wagner, CEO
investors@fortebiorx.com
