Capnia Completes Merger with Essentialis Creating Rare Disease Therapeutics Company
CAPNIA (CAPN)
US:NASDAQ Investor Relations:
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Source: GlobeNewswire
Lead Clinical Asset Entering Phase II/III Development in 2017 for the Treatment of Prader-Willi Syndrome Raises $10 Million in Concurrent Financing; Cash Runway Through Key Milestones REDWOOD CITY, Calif., March 08, 2017 (GLOBE NEWSWIRE) -- Capnia, Inc. (NASDAQ:CAPN), focused on the development and commercialization of novel therapeutics for the treatment of rare diseases, today announced that it has completed its previously-announced merger with privately-held Essentialis, Inc. effective March 7, 2017. Capnia’s lead therapeutic asset, diazoxide choline controlled-release (DCCR), a once-daily oral tablet, is entering Phase II/III development for the treatment of Prader-Willi Syndrome (PWS) in 2017. Concurrent with the closing of the merger, prior investors in Essentialis, as well as new investors, invested $10 million in newly-issued Capnia shares of common stock at $0.96 per share. “The completion of this merger with Essentialis marks a significant step forward for Capnia, our
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