Innovate Biopharmaceuticals Announces Trading Under New Ticker Symbol INNT is Anticipated to Begin on Thursday, February 1, 2...
January 31 2018 - 7:30AM
Innovate Biopharmaceuticals, Inc. (NASDAQ:INNT), a clinical stage
biotechnology company focused on developing novel autoimmune and
inflammation therapeutics, announced the completion of its merger
(the “Merger”) with Monster Digital, Inc. on January 30, 2018. In
connection with the completed Merger, Monster Digital, Inc. was
renamed Innovate Biopharmaceuticals, Inc. The change of the
Nasdaq ticker symbol for Innovate Biopharmaceuticals was delayed
due to technical issues and Innovate Biopharmaceuticals shares will
continue to trade under Monster Digital’s ticker (NASDAQ:MSDI) on
Wednesday, January 31, 2018, and, during such time, Nasdaq share
numbers will not reflect the 1 for 10 reverse split that occurred
on January 30, 2018. We anticipate that Innovate Biopharmaceuticals
shares will commence trading on Nasdaq with the new ticker INNT and
will reflect the 1 for 10 reverse split in trading on Thursday,
February 1, 2018.
About Innovate Biopharmaceuticals,
Inc.:
Innovate is a clinical stage biotechnology company
focused on developing novel autoimmune and inflammation therapeutic
drugs.
Innovate’s lead drug candidate, larazotide acetate
(INN-202), has successfully met its primary endpoint in a phase 2b
efficacy clinical trial for celiac disease. Larazotide
successfully completed the End of Phase 2 Meeting with the FDA last
year to prepare for expected Phase 3 clinical trials for larazotide
in celiac disease in mid-2018. In clinical studies in more than 800
patients, larazotide demonstrated a favorable safety profile
comparable to placebo, due to what Innovate believes is its lack of
systemic absorption from the small bowel. Larazotide has also
received Fast Track designation from the FDA.
Larazotide, an oral peptide formulated into a
capsule, has a unique mechanism of action which decreases
intestinal permeability and regulates tight junctions by reducing
antigen trafficking across intestinal epithelial cells. Innovate
believes that larazotide is the only drug in the clinic with this
mechanism of action of reducing intestinal permeability. Increased
intestinal permeability, sometimes referred to as “leaky gut,” has
been widely recognized in the literature as a gateway to multiple
autoimmune diseases, including celiac disease, irritable bowel
syndrome (IBS), inflammatory bowel diseases (IBD, Crohn’s and
ulcerative colitis), type 1 diabetes mellitus (T1DM), nonalcoholic
steatohepatitis (NASH), chronic kidney disease (CKD) and
others.
Innovate's second drug candidate, INN-108, is
expected to enter Phase 2 clinical trials for the treatment of mild
to moderate ulcerative colitis. INN-108 is a novel small molecule
comprised of two active parts with anti- inflammatory and
immunodulatory properties coupled through an azo bond. To date
Innovate has no reason to believe that INN-108 has any
detectable systemic absorption when orally administered until it
reaches the colon where the active components are released locally
to reduce inflammation.
For more information, please
visit http://www.innovatebiopharma.com/
Forward Looking Statements
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. These statements relate to
future events, future expectations, plans and prospects. Although
Innovate believes that the expectations reflected in such
forward-looking statements are reasonable as of the date made,
expectations may prove to have been materially different from the
results expressed or implied by such forward-looking statements.
Innovate has attempted to identify forward-looking statements by
terminology including "possible," "may," "believe" or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. Forward-looking statements
include, among others, statements regarding the proposed
reverse-merger transaction with Innovate and the mechanism of
action and therapeutic effects of larazotide acetate. These
statements are only predictions and involve known and unknown
risks, uncertainties, and other factors, including those discussed
under the heading "Risk Factors" in our Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 31,
2017, in our Quarterly Report on Form 10-K filed with the
Securities and Exchange Commission on May 19, 2017, in our
Definitive Proxy Statement filed with the Securities and Exchange
Commission on October 12, 2017, and in other documents filed by us
from time to time with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. We undertake no obligation to update any
forward-looking statements contained in this release to reflect
events or circumstances occurring after its date or to reflect the
occurrence of unanticipated events.
Innovate Biopharmaceuticals,
Inc.Kendyle WoodardTel: 919-275-1933Email:
investor.relations@innovatebiopharma.com
www.innovatebiopharma.com
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