Adynxx Completes Merger with Alliqua BioMedical, Offers Pierre Legault and Matt Ruth to Board of Directors Nasdaq:ADYX

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SAN FRANCISCO, Would possibly 06, 2019 (GLOBE NEWSWIRE) —  Adynxx, Inc. (Nasdaq: ADYX), a clinical-stage biopharmaceutical agency essential the occasion of transcription problem decoy know-how and first-in-class therapeutics for the remedy of ache and inflammatory illnesses, within the current day launched the completion of its merger with Alliqua BioMedical, Inc.

In reference to the merger, Alliqua has modified its title to Adynxx, Inc. The blended group will begin shopping for and promoting on Would possibly 6, 2019 on the Nasdaq Capital Market beneath the picture “ADYX.” The company is based in San Francisco and now working beneath the administration of the Adynxx administration group in place earlier to the merger, along with Rick Orr, Chief Authorities Officer; Donald C. Manning, M.D., Ph.D., Chief Medical Officer; and Julien Mamet, Ph.D., founder and Chief Scientific Officer. Along side the closing, Pierre Legault and Matthew Ruth have joined as directors.

“The closing of this transaction represents one different necessary milestone for Adynxx and shows the unwavering help of our merchants who share our dedication to the occasion of life-improving therapies for victims with unmet or underserved medical desires,” talked about Rick Orr. “With the entry to public markets, we plan to rapidly advance the occasion of our AYX platform of transcription problem decoys, along with the initiation of two Part 2 analysis of brivoligide, our lead product candidate for postoperative ache, and create additional price by means of pipeline enlargement to find out Adynxx as a primary developer of therapies for ache and inflammatory illnesses.”

“Speaking on behalf of our board of directors, we’ve got now nice confidence in Rick and his group, significantly given Rick’s wonderful observe doc of setting up worthwhile biopharmaceutical corporations which have launched a variety of new drug merchandise to market and delivered strong returns for shareholders,” talked about Dennis Podlesak, Companion, Space Associates and Adynxx’s Chairman. “Right now we’re moreover glad to announce the addition to the board of Pierre Legault and Matt Ruth, two accomplished pharmaceutical commerce leaders. Their steering and expertise will doubtless be instrumental as we cope with setting up Adynxx and rapidly advancing the occasion of our novel, non-opioid ache therapeutics to cope with one amongst our nation’s most significant effectively being crises.”

Podlesak continued, “Pierre is a extraordinarily accomplished worldwide pharmaceutical authorities who has a confirmed historic previous of setting up world class corporations, every as a senior authorities and board member. With the addition of Pierre to the board of directors, we revenue not solely from his extraordinarily distinguished experience and operational expertise, however moreover from the most recent associated experience I shared with him and fellow Adynxx board member Eckard Weber on the board of Tobira Therapeutics. Tobira went public by means of the acquisition of Regado Biosciences in 2015 and was subsequently acquired by Allergan, creating necessary price for the Tobira shareholders.”

“Matt joins the Adynxx board after having carried out key senior authorities roles in effectively setting up a variety of biopharmaceutical corporations, all of which have been acquired for necessary premiums. Most currently Matt led the extraordinarily worthwhile launch and commercialization of Narcan nasal spray at Adapt Prescribed drugs,” Podlesak added. “Narcan, a product which will reverse the implications of opioid and heroin overdoses, has had a significant have an effect on on the effort to battle the opioid epidemic, and we welcome Matt’s extraordinarily associated insights and expertise as we work to develop therapeutics to chop again the need for opioid-based ache therapies.”

On Would possibly 3, 2019, earlier to the consummation of the merger, Alliqua effected a one-for-six reverse stock break up. All issued and wonderful Alliqua shares have been subject to the reverse stock break up. No fractional shares will doubtless be issued in reference to the reverse stock break up. Instead, cash will doubtless be paid in lieu of fractions of shares. Upon completion of the merger, taking into consideration the reverse stock break up, the holders of shares of Adynxx capital stock wonderful immediately earlier to the merger obtained 0.0359 shares of Alliqua frequent stock in change for each share of Adynxx capital stock.

Following the reverse stock break up and merger, the blended group is anticipated to have roughly 5.eight million shares wonderful.

Adynxx will pay the beforehand launched explicit cash dividend of $1.05 per share as rapidly as practicable following consummation of the reverse stock break up and merger. In addition to, Adynxx intends to consummate the beforehand launched distribution of shares of AquaMed Utilized sciences, Inc., presently a wholly-owned subsidiary of Adynxx, as rapidly as practicable following the satisfaction of all conditions to closing of the beforehand launched merger transaction between AquaMed and TO Prescribed drugs, LLC, and in any event, no later than June 21, 2019.

Adynxx expects to acquire a written notification from the Itemizing {{Qualifications}} Division of Nasdaq notifying the company that Nasdaq has determined, amongst completely different points, that the company’s stockholders’ equity does not modify to the minimal stockholders’ equity requirement for preliminary itemizing on the Nasdaq Capital Market, as set forth in Nasdaq Itemizing Rule 5505. Adynxx expects to submit a plan to Nasdaq to regain compliance with Nasdaq Itemizing Rule 5505.

Biographies of the New Board Members

Pierre Legault

Alongside along with his membership on the Adynxx board of directors, Pierre Legault, MBA, CPA is the Chairman of Bicycle Therapeutics, a pharmaceutical agency making a model new class of versatile, chemically synthesized medicines to cope with therapeutic desires unreachable with one other current modality; Poxel, a biopharmaceutical agency creating fashionable drugs for metabolic illnesses, along with sort 2 diabetes and non-alcoholic steatohepatitis; and Artios, a DNA hurt restore agency. Legault will also be a member of the board of Clementia Prescribed drugs, Urovant Sciences and Syndax Prescribed drugs. Beforehand, he was a board member of Forest Laboratories, Tobira Therapeutics, NPS Prescribed drugs, Regado Biosciences, Armo Biosciences, Iroko Prescribed drugs, Cyclacel Prescribed drugs, Eckerd Pharmacy and Nephrogenex, the place he moreover served as a result of the Chairman and Chief Authorities Officer from 2012 to 2016. From 2010 to 2012, he served as a result of the CEO of Prosidion. From 2009 to 2010, he was the CFO and Treasurer of OSI Prescribed drugs. Legault moreover served as a result of the CEO of Eckerd Pharmacy and Senior Authorities Vice President and CAO of the Ceremony Help Firm. Between 1989 and 2005, he held diversified worldwide roles just like President, CEO and CFO of a world group at Sanofi and legacy corporations.

Matthew Ruth

Alongside along with his membership on the Adynxx board of directors, Matt Ruth is presently Senior Vice President, U.S. Chief Enterprise Officer for Adapt Pharma, a division of Emergent Bio Choices commercializing Narcan Nasal Spray, a product which will reverse the implications of opioid and heroin overdoses. Following a worthwhile launch of Narcan in 2016, Adapt was acquired by Emergent BioSolutions for as a lot as $735 million. From 2012 to 2015, Ruth was Chief Working Officer for RightCare Choices, a medical know-how agency that was acquired by NaviHealth in 2015. From 2007 to 2012, he was Vice President of Azur Pharma which was acquired by Jazz Pharma in 2012. From 2006 to 2007, he served as Vice President of Avanir Prescribed drugs accountable for the economic operation along with M&A actions, along with the acquisition of Alamo Pharma and the sale of the CNS franchise to Azur. From 2000 to 2006, he held positions of accelerating responsibility at Allergan.

About Adynxx

Adynxx is a clinical-stage biopharmaceutical agency focused on bringing to market novel therapeutics for the remedy of ache and inflammatory illnesses. A frontrunner in transcription problem decoy know-how, Adynxx is utilizing its platform of AYX transcription problem decoys to create first-in-class therapies with disease-modifying properties. Transcription problem decoys are fast, synthetic double-stranded DNA oligonucleotides that bind to transcription parts and cease their interaction with the genome, efficiently inhibiting a coordinated group of pathologic gene expression. The AYX platform has functions all through a variety of sickness states and has initially been leveraged to create novel, non-opioid therapeutics for the remedy of ache.

About Brivoligide

Scientific analysis suggest {{that a}} single administration of brivoligide on the time of surgical process can safely in the reduction of ache for weeks, pace up the time to realize delicate ache and significantly in the reduction of the need for opioid use all through restoration significantly in victims at bigger risk of experiencing elevated and prolonged ache following surgical process. Brivoligide (beforehand AYX1) is an intrathecally-administered, 23 base-pair, double-stranded DNA transcription problem decoy oligonucleotide. It inhibits the transcription problem EGR1 inside the dorsal root ganglia and spinal wire on the time of surgical process. EGR1 binds to the promoter areas of many genes associated to nociceptive sensitization and elevated ache. EGR1 launches waves of gene regulation on the time of surgical process that provoke and protect neuronal sensitization. This sensitization may end in elevated and prolonged postoperative ache in certain victims who’re comparatively insensitive to analgesics and is also at extreme risk for elevated use of rapidly showing opioids, the sort principally associated to Opioid Use Dysfunction or OUD.

Forward-Wanting Statements

Statements contained on this press launch that are not purely historic is also deemed to be forward-looking statements for the wants of the safe harbor provisions beneath The Personal Securities Litigation Reform Act of 1995 and completely different federal securities authorized tips. With out limiting the foregoing, the utilization of phrases just like “may,” “intends,” “can,” “could,” “will,” “rely on,” “plan,” and completely different associated expressions are supposed to find out forward-looking statements. The product candidates talked about are in clinic and by no means authorised and there could possibly be no assurance that the scientific purposes will doubtless be worthwhile in demonstrating safety and/or efficacy, that Adynxx will not encounter points or delays in scientific enchancment, or that any product candidate will ever acquire regulatory approval or be effectively commercialized. All forward-looking statements are based on estimates and assumptions by Adynxx’s administration that, although Adynxx believes to be low cost, are inherently not sure. All forward-looking statements are subject to risks and uncertainties which can set off exact outcomes to fluctuate materially from individuals who Adynxx anticipated. In addition to, Adynxx’s enterprise is subject to additional risks and uncertainties, along with amongst others, the initiation and conduct of preclinical analysis and scientific trials; the timing and availability of knowledge from preclinical analysis and scientific trials; expectations for regulatory submissions and approvals; potential safety concerns related to, or efficacy of, Adynxx’s product candidates; the supply or industrial potential of product candidates; the facility to maintain continued itemizing of Adynxx’s frequent stock on The Nasdaq Stock Market or any nationwide securities change; the consummation of the Specific Dividend or the Distribution; and Adynxx’s and its companions’ functionality to hold out beneath their license, collaboration and manufacturing preparations. These statements are moreover subject to varied supplies risks and uncertainties which might be described inside the definitive proxy assertion filed by Alliqua BioMedical, Inc. with the Securities and Alternate Payment on January 24, 2019, as updated by Adynxx’s subsequent filings with the Securities and Alternate Payment. Any forward-looking assertion speaks solely as of the date on which it was made. Adynxx undertakes no obligation to publicly substitute or revise any forward-looking assertion, whether or not or not on account of latest information, future events or in some other case, in addition to as required beneath related regulation.

View provide mannequin on https://ir.adynxx.com/press-releases

Provide: Adynxx, Inc.

Merchants:
Patti Monetary establishment
Managing Director
Westwicke, an ICR agency
(415) 513-1284
patti.monetary establishment@westwicke.com

Media:
David Schull
President
Russo Companions
(858) 717-2310
david.schull@russopartnersllc.com

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