Akers Biosciences, Inc. [NASDAQ: AKER] has announced today that it has signed a merger agreement with MyMD Pharmaceuticals, Inc. The merged company will be named MyMD Pharmaceuticals and will continue its listing on NASDAQ but with a new ticker symbol “MYMD”.
The two companies’ motive behind this merger is to focus on developing and commercializing novel immunotherapy pipeline assets of MyMD including MYMD-1. MyMD is also planning to develop its second asset, SUPERA-1R.
MYMD-1 is being developed to treat age-related and autoimmune diseases. Additionally, the company has already executed the Phase I study on MYMD-1. It is also planning to launch two Phase II trials. One in Q1 of 2021 and the second one is throughout 2021.
Shares of Akers Biosciences [NASDAQ: AKER] soared 25.62% as it gained +0.44 during the trading session of Thursday. In the past 52-weeks of trading, this company’s stock has changed between the low of $1.55 and a high of $8.85. It has traded up 39.40% from its 52-weeks low and traded down -75.59% from its 52-weeks high.
Turning our focus on its liquidity, it has a current ratio of 6.80 and a quick ratio of 6.80. Akers Biosciences market capitalization has remained high, hitting $14.62 million at the time of writing.
Akers Biosciences and MyMD Pharmaceuticals are intending to hold a video conference call for investors on November 18, 2020. Furthermore, it has been revealed that the integrated company will be led by Chris Chapman, M.D. He will become President and Chief Medical Officer of MyMD.