WALTHAM, Mass. and REHOVOT, Israel and SAN DIEGO, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Eloxx Pharmaceuticals Ltd. and Sevion Therapeutics, Inc. (OTCQB:SVON) (“Sevion”) today announced the two companies have completed their previously announced acquisition transaction effective as of December 19, 2017. The Company will be known as Eloxx Pharmaceuticals, Inc. following the completion of the transaction, and began trading on OTCQB Market under the new name effective as of December 20, 2017.
"This acquisition transaction marks a significant milestone as Eloxx transitions from a private to a publicly-traded company with significantly increased financial resources,” said Silvia Noiman, Ph.D., MBA, founder and Chief Executive Officer of Eloxx Pharmaceuticals. “We are now better positioned to advance our development programs and look forward to initiating multiple Phase 2 studies for ELX-02. In parallel, we intend to strengthen our company on all fronts and, most recently, we hired several key employees to support this effort."
At the effective time of the transaction, all of the issued and outstanding ordinary and preferred shares of Eloxx stock were converted, on a pro rata basis, into the right to receive 20,316,656 shares of Sevion common stock, par value $0.01, after giving effect to the 1-for-20 reverse stock split. Following the reverse stock split and post-acquisition, the combined company has approximately 27.6 million shares outstanding.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel small molecule medicines to treat many rare and ultra-rare genetic diseases caused by nonsense mutations. Nonsense mutations are a class of genetic defects that result in premature termination of protein synthesis. As a consequence, patients with a genetic disease caused by nonsense mutations have absent or truncated nonfunctional proteins, accounting for some of the most severe phenotypes in these genetic diseases. Eloxx’s lead product candidate, ELX-02, is an optimized aminoglycoside designed to restore full-length functional proteins. Eloxx was founded in 2013 and maintains offices in Waltham, MA, and Rehovot, Israel.
