Malvern-based Galera Therapeutics, a biopharmaceutical company with a portfolio of small molecule superoxide dismutase mimetics, recently completed its purchase of Australia-based Nova Pharmaceuticals, a biotechnology company focused on targeting the molecular mechanisms driving resistance to current treatments in triple negative and metaplastic breast cancer.
Under the terms of the agreement, Galera stockholders will own approximately 55.2 percent of approximately 21.1 million common shares issues as well as pre-funded warrants exercisable for approximately 23 million shares of common stock and approximately 119,318 shares of Series B non-voting convertible preferred stock in a private placement.
Nova stockholders and boards of directors of both companies approved the deal.
The combined company will do business as Galera Therapeutics. A team of consultants from both Galera and Nova will manage research and development. The board of directors will include three current Galera board members and two board members selected by Nova. Dr. Mel Sorensen will serve as president and CEO, and Joel Sussman will serve as chief accounting officer.
A syndicate of investors supported the acquisition by investing approximately $3 million in the purchase of Galera common stock.
Nova Pharmaceuticals’ pan-nitric oxide synthase inhibitor completed a Phase 1/2 study in triple negative breast cancer patients.