OHR Pharmaceutical Inc (NASDAQ: OHRP) is having a great start to the trading session this morning, and for good reason. The company has entered into a merger agreement, exciting investors and pushing the stock on a run for the top. Today, we’ll talk about:
- The merger agreement news;
- what we’re seeing from OHRP stock as a result; and
- what we’ll be watching for ahead.
OHRP Is Climbing On Merger News
As mentioned above, OHR Pharmaceuticals is having a great start to the trading session this morning after announcing merger new. In a press release issued early this morning, the company said that it has entered into a definitive merger agreement with NeuBase. Under the terms of the agreement, NeuBase will become the majority holders of the combined company.
In the release, OHRP said that the proposed merger will result in a public company that is focused on advancing NeuBase’s peptide-nucleic acid (PNA) antisense oligonucleotide (PATrOL) technology platform for the development of therapies that will address serious and currently untreatable diseases that are caused by genetic mutations.
Once the transaction closes, the new, combined company will be called NeuBase Therapeutics, Inc. and it will propose its trading symbol on the NASDAQ be changed to NBSE.
In a statement, Jason Slakter, M.D., CEO at OHRP, had the following to offer:
We are excited to enter into a definitive merger agreement with NeuBase, a company with a powerful technology and pipeline that has the potential to address multiple unmet medical needs across a range of serious genetic diseases… Following a comprehensive review of strategic alternatives, Ohr’s Board of Directors concluded that the proposed transaction with NeuBase is in the best interest of our stockholders. The proposed merger will provide an opportunity to create value as an innovative, science-driven company with a proprietary technology platform utilizing advanced gene silencing techniques. We intend to hold a special meeting of Ohr shareholders in the first half of 2019 to vote on this merger.
What We’re Seeing From The Stock
One of the first lessons that we learn is that the news moves the market. When it comes to OHR Pharmaceuticals, the news proved to be overwhelmingly positive. After all, with the merger, shareholders of the company now have a stronger foundation and a highly valuable platform from which the combined company intends on making highly valuable therapeutics. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:47), OHRP is trading at $0.18 per share after a gain of $0.07 per share or 63.64% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on OHRP. In particular, we’re interested in following the merger news. While the companies have entered into a definitive agreement, the transaction is still subject to shareholder approval, customary closing conditions and regulatory approval. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the iWatch Markets mailing list below!