Date: Feb 13, 2017 Source: GLOBE NEWSWIRE (
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Merger creates a clinical-stage biopharmaceutical company focused on the discovery and development of select microRNA-targeted therapies
Combined company, renamed Miragen Therapeutics, Inc., to commence trading on Nasdaq under the symbol "MGEN" on February 14
Capitalized with approximately $60 million in cash, including $40.7 million equity financing, to advance miRagen's portfolio
BOULDER, Colo., Feb. 13, 2017 (GLOBE NEWSWIRE) -- Miragen Therapeutics, Inc. (Nasdaq:MGEN), a clinical-stage biopharmaceutical company focused on the discovery and development of microRNA-targeted therapies, today announced the completion of its merger with Signal Genetics, Inc., effective February 13, 2017. Concurrent with the closing of the merger, miRagen received gross proceeds of $40.7 million in new equity investment from a combination of current and new miRagen investors, including Fidelity Management and Research Company, Brace Pharma Capital, Atlas Venture, Boulder Ventures, JAFCO Co., Ltd., MP Healthcare Venture Management, MRL Ventures (a venture fund of Merck, known as MSD outside the United States and Canada), Remeditex Ventures, and others. Together with pre-merger cash on miRagen's balance sheet, the combined company has approximately $60 million in cash and short-term investments.
Upon completion of the merger today, Signal was renamed Miragen Therapeutics, Inc. The combined company will commence trading on The NASDAQ Capital Market under the symbol "MGEN" on February 14, 2017.
"The completion of this merger marks a significant step forward for miRagen, our investors and potentially thousands of patients awaiting a therapeutic option for their conditions," said miRagen President and CEO William S. Marshall, Ph.D. "The equity investment aligns the company's cash resources with our plan to advance the first two clinical programs into additional trials and to develop a compelling pipeline of targeted product candidates, each focused on patient populations with few clinical options. We believe these transactions will help us create a more focused and well financed organization as we build an exciting enterprise, an innovative culture and value for current and future stockholders."
Following the completion of the financing and merger, the combined company has approximately 21.3 million shares of common stock outstanding.
miRagen's stockholders, including those who invested in the concurrent financing, received common stock, representing approximately 95.2% of the outstanding shares. Signal's stockholders retained approximately 4.8% of the combined company.
The combined company will operate under the leadership of Dr. Marshall, and the board of directors of the combined company is comprised of seven members: Bruce Booth, John Creecy, Thomas Hughes, Kevin Koch, Kyle Lefkoff, Joseph Turner and Dr. Marshall.
Wedbush PacGrow acted as placement agent for miRagen in the financing.
About Miragen Therapeutics, Inc.
Miragen Therapeutics, Inc. is a clinical-stage biopharmaceutical company discovering and developing proprietary RNA-targeted therapeutics with a specific focus on microRNAs and their role in diseases where there is a high unmet medical need. miRagen's two lead product candidates, MRG-106 and MRG-201, are currently in Phase 1 clinical trials. miRagen's clinical product candidate for the treatment of certain cancers, MRG-106, is an inhibitor of microRNA-155, which is found at abnormally high levels in several blood cancers. miRagen's clinical product candidate for the treatment of pathological fibrosis, MRG-201, is a replacement for miR-29, which is found at abnormally low levels in a number of pathological fibrotic conditions, including cardiac, renal, hepatic, and pulmonary fibrosis, as well as systemic sclerosis. In addition to miRagen's clinical programs, it is developing a pipeline of pre-clinical product candidates. The goal of miRagen's translational medicine strategy is to progress rapidly to first in human studies once it has established the pharmacokinetics, pharmacodynamics and safety of the product candidate in pre-clinical studies. For more information, please visit www.miragentherapeutics.com.
For information on clinical trials please visit www.clinicaltrials.gov.
