{"id":44168,"date":"2022-05-20T14:01:22","date_gmt":"2022-05-20T12:01:22","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/cortexyme-successfully-completes-acquisition-of-novosteo\/"},"modified":"2022-05-20T14:01:22","modified_gmt":"2022-05-20T12:01:22","slug":"cortexyme-successfully-completes-acquisition-of-novosteo","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/cortexyme-successfully-completes-acquisition-of-novosteo\/","title":{"rendered":"Cortexyme Successfully Completes Acquisition of Novosteo"},"content":{"rendered":"
\n

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Cortexyme, Inc. (Nasdaq: CRTX), a clinical-stage biopharmaceutical company developing therapeutic approaches to improve the lives of patients diagnosed with degenerative diseases, today announced the completion of its acquisition of Novosteo, a privately-held biotech company focused on targeted therapeutics to treat rare skeletal diseases, bone cancer and injury. Novosteo stockholders now own approximately 15.5% of the combined company.\n<\/p>\n

<\/a><\/p>\n

\nWith the completion of the acquisition, Cortexyme appointed former Novosteo executives Dr. Dirk Thye as Chief Executive Officer, and Dr. Karen Smith as Chief Medical Officer of Cortexyme. Dr. Thye and Dr. Philip Low have been appointed to the Cortexyme\u2019s Board of Directors.\n<\/p>\n

\nCortexyme plans to change its name to Quince Therapeutics, Inc. in the coming months to reflect the broadening pipeline of the company.\n<\/p>\n

\nInducement Grant Under Nasdaq Listing Rule 5635(C)(4)<\/b>\n<\/p>\n

\nIn conjunction with the close of the Novosteo acquisition, Cortexyme reported that the Compensation Committee of the company\u2019s Board of Directors approved grants of stock options to purchase an aggregate of 3,744,255 shares of Cortexyme\u2019s common stock, which includes options to purchase (i) 1,979,650 shares to Dr. Dirk Thye, (ii) 1,365,449 shares to Dr. Karen Smith, (iii) 353,656 shares to Brendan Hannah, and (iv) an aggregate of 45,500 shares to six additional newly hired employees. The stock options will be issued under the Cortexyme, Inc. 2022 Inducement Plan with a grant date of May 23, 2022 and an exercise price equal to the closing price of a share of Cortexyme common stock on the grant date. The stock options are being issued as an inducement material to each new employee entering into employment with Cortexyme, in accordance with Nasdaq Listing Rule 5635(c)(4).\n<\/p>\n

\nThe stock options vest over four years, with 25% vesting on the first anniversary of the vesting commencement date for each employee and the remainder vesting in 36 installments over the following three years, subject to each employee being continuously employed by Cortexyme as of such vesting dates.\n<\/p>\n

\nCortexyme is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).\n<\/p>\n

\nAbout Cortexyme<\/b>\n<\/p>\n

\nCortexyme, Inc. (Nasdaq: CRTX) is a clinical stage biopharmaceutical company dedicated to improving the lives of patients diagnosed with degenerative diseases. The company\u2019s innovative pipeline includes a precision bone growth molecule and drug-targeting platform to treat rare skeletal diseases, bone cancer and injury, in addition to small molecule therapeutics targeting the infectious pathogen P. gingivalis<\/i>\u2019 role in degenerative disease progression, including for indications such as periodontal disease, oral potentially malignant disorders, and Alzheimer\u2019s disease, among others. To learn more about Cortexyme, visit www.cortexyme.com<\/a> or follow @Cortexyme on Twitter.\n<\/p>\n

\nForward-Looking Statements<\/b>\n<\/p>\n

\nStatements in this news release contain \u201cforward-looking statements\u201d that are subject to substantial risks and uncertainties. Forward-looking statements contained in this news release may be identified by the use of words such as \u201cplan,\u201d \u201cpotential,\u201d \u201cwill\u201d or other similar words. Examples of forward-looking statements include, among others, the ability of Cortexyme to successfully achieve the anticipated benefits of the merger transaction, change its name, the strategic development path for atuzaginstat; the potential therapeutic benefits, safety and efficacy of the company\u2019s product candidates. Forward-looking statements are based on Cortexyme\u2019s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled \u201cRisk Factors\u201d in Cortexyme\u2019s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 10, 2022, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Cortexyme undertakes no duty to update such information except as required under applicable law.\n<\/p>\n

Contacts<\/b> <\/p>\n

\nCortexyme Contact:<\/b>
Stacy Roughan
\n
Cortexyme, Inc.
\n
Vice President, Corporate Communications & Investor Relations
\n
ir@cortexyme.com<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Cortexyme, Inc. (Nasdaq: CRTX), a clinical-stage biopharmaceutical company developing therapeutic approaches to improve the lives of patients diagnosed with degenerative diseases, today announced the completion of its acquisition of Novosteo, a privately-held biotech company focused on targeted therapeutics to treat rare skeletal diseases, bone cancer and injury. Novosteo stockholders now own … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-44168","6":"format-standard","7":"category-industry"},"yoast_head":"\nCortexyme Successfully Completes Acquisition of Novosteo - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/cortexyme-successfully-completes-acquisition-of-novosteo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cortexyme Successfully Completes Acquisition of Novosteo - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Cortexyme, Inc. 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