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BOSTON/SAN DIEGO - Ikena Oncology, Inc. (NASDAQ:IKNA), a $69.4 million market cap biotech company with a "FAIR" financial health rating according to InvestingPro, announced Tuesday that its stockholders have approved all proposals at the annual meeting, including the merger with Inmagene Biopharmaceuticals and a reverse stock split.
Following the merger completion, expected around the end of July, the combined company will change its name to ImageneBio, Inc. and trade on the Nasdaq Capital Market under the ticker symbol "IMA."
Ikena will implement a 1-for-12 reverse stock split prior to the merger closing, reducing its outstanding common stock from approximately 48.2 million to about 4 million shares. The combined company’s stock is expected to begin trading on a split-adjusted basis around the end of July.
The merger proposal approved by shareholders allows for the issuance of Ikena common stock to Inmagene shareholders and to investors participating in financing concurrent with the merger.
Ikena’s transfer agent, Computershare, will serve as the exchange agent for the reverse stock split. Stockholders holding shares in book-entry form or brokerage accounts do not need to take action regarding the split.
Inmagene’s lead asset, IMG-007, is a non-depleting anti-OX40 monoclonal antibody that recently completed Phase 2a clinical trials in atopic dermatitis and alopecia areata. According to information provided in the press release, IMG-007 demonstrated sustained clinical activity and was well tolerated in these trials.
The drug features a subcutaneous formulation with a half-life of 34.7 days at the anticipated therapeutic dose level, potentially allowing for infrequent dosing.
The merger and concurrent financing are anticipated to close around the end of July, according to the company statement. With analysts setting a consensus target price of $2.00, InvestingPro analysis suggests the stock is currently undervalued, offering potential upside for investors following the merger completion.
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