SAN DIEGO and AUSTIN,
Texas, March 16, 2017
/PRNewswire/ -- Mast Therapeutics, Inc. (NYSE MKT: MSTX)
announced today it has set a date for a special meeting of its
stockholders to vote on matters related to the proposed merger with
Savara Inc. (Savara), a privately-held, clinical-stage specialty
pharmaceutical company focused on the development and
commercialization of novel therapies for the treatment of serious
or life-threatening rare respiratory diseases.
The special meeting will be held at 9:00
a.m., local time, on April 21,
2017 at 3611 Valley Centre Drive, Suite 500, San Diego, California 92130. Mast's
stockholders of record as of the close of business on March 13, 2017 are entitled to receive notice of,
and to vote at, the special meeting.
The merger has been unanimously approved by the boards of
directors of both companies and the board of directors of Mast
unanimously recommends that its stockholders vote "FOR" the special
meeting proposals described in the proxy
statement/prospectus/information statement declared effective by
the Securities and Exchange Commission on March 15, 2017, a copy of which will be provided
to Mast stockholders of record as of March
13, 2017. The proposed merger is expected to close promptly
after the Mast special meeting scheduled for April 21, 2017, subject to the approval of the
stockholders of each company and the satisfaction or waiver of the
other closing conditions in the merger agreement between the
companies.
The combined company would advance a pipeline of novel
inhalation therapies for the treatment of diseases with significant
unmet medical needs, featuring three product candidates, each in
advanced stages of clinical development:
- AeroVanc, an inhaled dry-powder vancomycin to treat
chronic methicillin-resistant Staphylococcus aureus (MRSA)
pulmonary infection in cystic fibrosis (CF) in preparation for a
pivotal Phase 3 study;
- Molgradex, an inhaled nebulized GM-CSF to treat
pulmonary alveolar proteinosis (PAP) currently in Phase 2/3
development; and
- AIR001, an inhaled nebulized sodium nitrite solution to
treat heart failure with preserved ejection fraction (HFpEF)
currently in Phase 2 development.
Select Anticipated Upcoming Development Milestones
- Closing of proposed merger in Q2/2017.
- Initiate a pivotal Phase 3 study of AeroVanc in
Q3/2017.
- Complete negotiations with the U.S. Food and Drug
Administration (FDA) on the requirements for a pivotal clinical
study of Molgradex in the U.S. in Q3/2017.
- Announce strategy related to Molgradex program expansion
for the treatment of a rare lung infection in 2017.
- Announce top-line results from Phase 2/3 study of
Molgradex, expected to be registration-enabling for the
treatment of PAP in Europe and
Japan, in Q1/2018.
- Announce results from ongoing Phase 2 study of AIR001
for the treatment of HFpEF being conducted by the Heart Failure
Clinical Research Network in Q1/2018.
About Mast Therapeutics
Mast Therapeutics, Inc. is a publicly traded biopharmaceutical
company headquartered in San Diego,
California. Mast's lead product candidate, AIR001, is a
sodium nitrite solution for intermittent inhalation via
nebulization in Phase 2 clinical development for the treatment of
heart failure with preserved ejection fraction (HFpEF). More
information can be found on Mast's web site at
www.masttherapeutics.com. Mast Therapeutics™ and the
corporate logo are trademarks of Mast Therapeutics, Inc.
About Savara
Savara Inc. is a clinical-stage specialty pharmaceutical company
focused on the development and commercialization of novel therapies
for the treatment of serious or life-threatening rare respiratory
diseases. Savara's pipeline comprises AeroVanc, a Phase 3 ready
inhaled vancomycin, and Molgradex, a Phase 2/3 stage inhaled
granulocyte-macrophage colony-stimulating factor, or GM-CSF.
Savara's strategy involves expanding its pipeline of best-in-class
products through indication expansion, strategic development
partnerships and product acquisitions, with the goal of becoming a
leading company in its field. Savara's management team has
significant experience in orphan drug development and pulmonary
medicine, in identifying unmet needs, creating and acquiring new
product candidates, and effectively advancing them to approvals and
commercialization. More information can be found at
www.savarapharma.com.
Safe Harbor Statements
Additional Information about the Proposed Merger and Where to
Find It
In connection with the proposed merger, Mast Therapeutics has
filed relevant materials with the Securities and Exchange
Commission, or the SEC, including a registration statement on Form
S-4 that contains a proxy statement, prospectus and information
statement. The registration statement was declared effective by the
SEC on March 15, 2017. The proxy
statement/prospectus/information statement and other relevant
materials, and any other documents filed by Mast with the SEC, may
be obtained free of charge at the SEC web site at www.sec.gov. In
addition, investors and security holders may obtain free copies of
the documents filed with the SEC by Mast by directing a written
request to: Mast Therapeutics, Inc. 3611 Valley Centre Drive, Suite
500, San Diego, California 92130,
Attn: Investor Relations. Investors and security holders of Mast
and Savara are urged to read the proxy
statement/prospectus/information statement and other relevant
materials before making any voting or investment decision with
respect to the proposed merger.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
in connection with the proposed merger shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Participants in the Solicitation
Mast and its directors and executive officers and Savara and its
directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of Mast and
Savara in connection with the proposed transaction. Information
regarding the special interests of these directors and executive
officers in the proposed merger is included in the proxy
statement/prospectus/information statement referred to above.
Additional information regarding the directors and executive
officers of Mast is also included in Mast's Annual Report on Form
10-K for the year ended December 31,
2016, which was filed with the SEC on March 6, 2017. These documents are available free
of charge at the SEC web site (www.sec.gov) and from Investor
Relations at Mast at the address described above.
Forward Looking Statements
Mast and Savara caution you that statements in this press
release that are not a description of historical fact are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words referencing future
events or circumstances such as "expect," "intend," "plan,"
"anticipate," "believe," and "will," among others. Such statements
include, but are not limited to, statements regarding the
structure, timing and completion of the proposed merger;
expectations regarding the capitalization, resources, ownership
structure and national securities exchange listing of the combined
organization; the nature, strategy and focus of the combined
organization; the safety, efficacy and projected development
timeline and commercial potential of any product candidates; the
executive officer and board structure of the combined organization;
and the expectations regarding voting by Mast and Savara
stockholders. Mast and/or Savara may not actually achieve the
proposed merger, or any plans or product development goals in a
timely manner, if at all, or otherwise carry out the intentions or
meet the expectations or projections disclosed in the
forward-looking statements, and you should not place undue reliance
on these forward-looking statements. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements are based upon Mast's
and Savara's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and
the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with stockholder approval of and the
ability to consummate the proposed merger through the process being
conducted by Mast and Savara, the ability to project future cash
utilization and reserves needed for contingent future liabilities
and business operations, the availability of sufficient resources
for combined company operations and to conduct or continue planned
clinical development programs, the timing and ability of Mast or
Savara to raise additional equity capital to fund continued
operations; the ability to successfully develop any of Mast's
and/or Savara's product candidates, and the risks associated with
the process of developing, obtaining regulatory approval for and
commercializing drug candidates that are safe and effective for use
as human therapeutics. Risks and uncertainties facing Mast, Savara
and the combined organization and risks related to the proposed
merger are described more fully in the proxy
statement/prospectus/information statement referred to above. You
are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date on which they were
made. Neither Mast nor Savara undertakes any obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made, except as may be
required by law.
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SOURCE Mast Therapeutics, Inc.
