May 16, 2017 / 11:00 AM / 2 months ago

BRIEF-Synlogic and Mirna therapeutics agree to merger

2 Min Read

May 16 (Reuters) - Mirna Therapeutics Inc

* Synlogic and Mirna Therapeutics agree to merger

* Mirna Therapeutics Inc says first clinical trial for lead Synlogic product candidate anticipated to start mid-2017

* Says Synlogic closes $42 million of series C preferred stock financing by leading biotechnology investors

* Mirna Therapeutics Inc - combined company well-capitalized with approximately $82 million in cash expected at closing from merger and series C

* Mirna Therapeutics Inc - following merger, current Synlogic shareholders are expected to own approximately 83 percent of combined company

* Says by mid-2017, Synlogic plans to initiate a phase 1 healthy volunteers study for its lead candidate, SYNB1020

* Mirna Therapeutics Inc - transaction has been approved by board of directors of both companies

* Mirna Therapeutics Inc - Synlogic will merge with a wholly owned subsidiary of Mirna in an all-stock transaction

* Mirna Therapeutics Inc - following merger, Jose Carlos Gutierrez-Ramos, Synlogic's chief executive officer will become chief executive officer of merged company

* Says following merger, current Mirna stockholders will own approximately 17 percent of combined company

* Mirna Therapeutics Inc - merged company will continue under Synlogic name

* Mirna Therapeutics Inc - following merger, board will be comprised of seven directors, including two directors currently serving on Mirna's board Source text for Eikon: Further company coverage:

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