Gene therapy startup Rocket Pharma reverse merges with troubled Inotek after $25M raise
Two months after Inotek shares cratered following the second conclusive failure of its lead glaucoma drug — scuttling its share price — the Lexington, MA-based biotech $ITEK has become a reverse merger shell for a gene therapy company called Rocket Pharmaceuticals.
Inotek CEO David Southwell said the reverse merger was the best option for shareholders, who will wind up with a 19% slice of the merged operation. Just before the announcement, Inotek stock ended the day at $1.05 and a market cap of $28 million — far less than cash.
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