Ritter Pharmaceuticals, Inc. (Nasdaq: RTTR) (“Ritter Pharmaceuticals”, “Ritter” or the “Company”), is urging its stockholders to vote now on the proposed merger with Qualigen, Inc., Inc. (“Qualigen”), a biotechnology company focused on the development of novel therapeutics for the treatment of cancer and infectious disease, as well as the expansion of its flagship FastPack® point-of-care diagnostic platform.
“We are urging all of our stockholders to take a few minutes to vote by phone, internet or mail on this important transaction,” said Ritter CEO Andrew J. Ritter. “It’s also important to note that the merger cannot be consummated without the approval of each of the proposals being voted on at the Special Meeting, including approval of the proposed reverse stock split. The reverse stock split is necessary to ensure that the combined company meets Nasdaq’s initial listing minimum bid price requirement, so that it may be listed on Nasdaq following the merger and is a condition to the closing of the merger. Ritter stockholders should also be aware that they will not be subject to a lock-up period following the merger.”
Ritter stockholders as of the close of business on March 26, 2020, the record date for the Special Meeting, are eligible to vote and attend the virtual Special Meeting. The Ritter board of directors has recommended that the Ritter stockholders vote “FOR” each of the proposals.
Reasons to Vote FOR the Proposed Merger
- The merger provides existing Ritter stockholders a significant opportunity to participate in the potential growth of the combined company following the merger.
- Qualigen is an attractive candidate for Ritter, due to its revenue-generating diagnostic business. Qualigen’s FastPack® System provides real-time diagnostics for cancer and other diseases at medical offices in the U.S. and other countries around the world. In addition, they are developing nanotechnology therapies for the treatment of cancer and infectious diseases, including AS1411, a novel aptamer-based anticancer technology being developed to target and destroy tumor cells, RAS-F3, a small molecule drug candidate designed to block mutations that lead to tumor formation, especially in pancreatic, colorectal and lung cancers, and the Selective Target Antigen Removal System (STARS), a DNA-based treatment device product candidate designed to remove tumor-produced and viral compounds from circulating blood.
- Ritter stockholders will own 7.5% of the post-merger company and will receive Contingent Value Rights (CVRs), entitling them to net proceeds from any sale, license, transfer, spin-off or other monetization event involving all or any part of Ritter’s RP-G28 gut microbiome intellectual property or technology.
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Source: BioSpace