Once a multibillion dollar company, OvaScience ends a pennystock vehicle for Millendo's reverse merger
An ambitious fertility company plagued by a series of disappointments is playing out its final act — serving as a vehicle for another venture’s success. OvaScience, once valued at $1.8 billion for its idea to help older women extend their reproductive years, is merging with Ann Arbor’s Millendo Therapeutics.
The reverse merger is a way for Millendo to back its way onto the Nasdaq market, as OvaScience is already listed as $OVAS. Using a nearly-defunct public company as a vehicle is a fairly common way to gain access to the public markets without going on a lengthy roadshow and putting together your own IPO. After the merger is wrapped up, the combined company will be called Millendo Therapeutics, of course, and the new ticker symbol will be $MLND.
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