Hercules-CA based bioinformatics company Eureka Genomics has signed a merger agreement with Nanobac Pharmaceuticals. Under the terms of the cash and stock agreement, originally disclosed in a Memorandum of Understanding in March, tampa-based Nanobac will issue new shares of its common stock to Eureka shareholders in a reverse stock split. The new company will be named Eureka Genomics Corp. According to the joint statement, Eureka shareholders will own 85 percent and Nanobac stockholders will get the other 15 percent of the combined company. The deal is expected to close in the second quarter of this year.
"...We are confident that this merger will help us accelerate our efforts to develop and partner our next-generation bioinformatics and pursue the development of highly valuable, cost-effective diagnostics, therapeutics, vaccines, and cleantech products such as bioenergy feedstocks," said Didier Perez, Eureka Genomics Chief Financial Officer and Chief Operating Officer.
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