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BRIEF-Monster Digital and Innovate Biopharmaceuticals sign merger agreement
July 3, 2017 / 1:17 PM / 6 months ago

BRIEF-Monster Digital and Innovate Biopharmaceuticals sign merger agreement

July 3 (Reuters) - Monster Digital Inc

* Monster Digital and Innovate Biopharmaceuticals sign merger agreement

* Monster Digital Inc - ‍Ulcerative colitis phase 2 clinical trials for INN-108 expected to begin in first half 2018​

* Says Innovate shareholders will receive newly issued shares of co in exchange for Innovate stock​

* Monster Digital Inc - Combined company, led by Innovate’s management team, is expected to be named Innovate Biopharmaceuticals, Inc

* Monster Digital Inc - Prior to closing of merger, Monster will seek shareholder approval to conduct a reverse split of its outstanding shares

* Monster Digital - Share ‍exchange ratio is based on a pre-transaction valuation of $60 million for Innovate’s business and $6 million for Monster’s business​

* Monster Digital Inc - ‍combined company is expected to trade on nasdaqcm under a new ticker symbol​

* Monster Digital Inc - Merger has been unanimously approved by board of directors of each company

* Monster Digital Inc - At closing of merger, combined company’s board of directors is expected to consist of seven members from Innovate

* Monster Digital - ‍current co shareholders will collectively own about 9%, innovate stockholders will collectively own about 91% of combined company​

* Monster Digital Inc - Affiliates of Monster have entered into agreements in support of proposed transaction

* Monster Digital - ‍Combined co to advance late stage drug for celiac disease, which innovate believes is significant unmet medical need, into expected phase 3 clinical trials​ Source text for Eikon: Further company coverage:

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