Cortexyme Successfully Completes Acquisition of Novosteo
May 20 2022 - 07:00AM
Business Wire
Cortexyme, Inc. (Nasdaq: CRTX), a clinical-stage
biopharmaceutical company developing therapeutic approaches to
improve the lives of patients diagnosed with degenerative diseases,
today announced the completion of its acquisition of Novosteo, a
privately-held biotech company focused on targeted therapeutics to
treat rare skeletal diseases, bone cancer and injury. Novosteo
stockholders now own approximately 15.5% of the combined
company.
With the completion of the acquisition, Cortexyme appointed
former Novosteo executives Dr. Dirk Thye as Chief Executive
Officer, and Dr. Karen Smith as Chief Medical Officer of Cortexyme.
Dr. Thye and Dr. Philip Low have been appointed to the Cortexyme’s
Board of Directors.
Cortexyme plans to change its name to Quince Therapeutics, Inc.
in the coming months to reflect the broadening pipeline of the
company.
Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)
In conjunction with the close of the Novosteo acquisition,
Cortexyme reported that the Compensation Committee of the company’s
Board of Directors approved grants of stock options to purchase an
aggregate of 3,744,255 shares of Cortexyme’s common stock, which
includes options to purchase (i) 1,979,650 shares to Dr. Dirk Thye,
(ii) 1,365,449 shares to Dr. Karen Smith, (iii) 353,656 shares to
Brendan Hannah, and (iv) an aggregate of 45,500 shares to six
additional newly hired employees. The stock options will be issued
under the Cortexyme, Inc. 2022 Inducement Plan with a grant date of
May 23, 2022 and an exercise price equal to the closing price of a
share of Cortexyme common stock on the grant date. The stock
options are being issued as an inducement material to each new
employee entering into employment with Cortexyme, in accordance
with Nasdaq Listing Rule 5635(c)(4).
The stock options vest over four years, with 25% vesting on the
first anniversary of the vesting commencement date for each
employee and the remainder vesting in 36 installments over the
following three years, subject to each employee being continuously
employed by Cortexyme as of such vesting dates.
Cortexyme is providing this information in accordance with
Nasdaq Listing Rule 5635(c)(4).
About Cortexyme
Cortexyme, Inc. (Nasdaq: CRTX) is a clinical stage
biopharmaceutical company dedicated to improving the lives of
patients diagnosed with degenerative diseases. The company’s
innovative pipeline includes a precision bone growth molecule and
drug-targeting platform to treat rare skeletal diseases, bone
cancer and injury, in addition to small molecule therapeutics
targeting the infectious pathogen P. gingivalis’ role in
degenerative disease progression, including for indications such as
periodontal disease, oral potentially malignant disorders, and
Alzheimer’s disease, among others. To learn more about Cortexyme,
visit www.cortexyme.com or follow @Cortexyme on Twitter.
Forward-Looking Statements
Statements in this news release contain “forward-looking
statements” that are subject to substantial risks and
uncertainties. Forward-looking statements contained in this news
release may be identified by the use of words such as “plan,”
“potential,” “will” or other similar words. Examples of
forward-looking statements include, among others, the ability of
Cortexyme to successfully achieve the anticipated benefits of the
merger transaction, change its name, the strategic development path
for atuzaginstat; the potential therapeutic benefits, safety and
efficacy of the company’s product candidates. Forward-looking
statements are based on Cortexyme’s current expectations and are
subject to inherent uncertainties, risks, and assumptions that are
difficult to predict and could cause actual results to differ
materially from what the company expects. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. Factors that could cause
actual results to differ include, but are not limited to, the risks
and uncertainties described in the section titled “Risk Factors” in
Cortexyme’s Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission (SEC) on May 10, 2022, and other reports as
filed with the SEC. Forward-looking statements contained in this
news release are made as of this date, and Cortexyme undertakes no
duty to update such information except as required under applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220520005048/en/
Cortexyme Contact: Stacy Roughan Cortexyme, Inc. Vice
President, Corporate Communications & Investor Relations
ir@cortexyme.com
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