U.S.-based multi platform gene therapy company pronounces completion of merger with Inotek pharmaceuticals that looks to combat rare diseases. The inclusive company to emphasize on enhancing gene therapy programs to fight and address rare and untreated diseases and will be termed as named Rocket Pharmaceuticals. It is anticipated to commence trading on January 5, 2018.
President and Chief Executive Officer Gaurav Shah, stated “The support for this transaction by both Inotek and Rocket shareholders was evident today, underscoring support for our long-term growth strategy to become a fully-integrated, multi-platform gene therapy company.”
The Company’s lead program, a Phase 1/2 LVV-based gene therapy for Fanconi Anemia (FA), is currently in clinical trials with academic partners in the U.S. and Europe. Following the reverse stock split and closing of the merger, there will be approximately 33.1 million shares of the combined company’s common stock outstanding with prior Rocket shareholders owning approximately 79.4% and prior Inotek shareholders owning approximately 20.6%. Rocket utilizes a multi-platform development method that leverages the well-established lentiviral vector (LVV) and adeno-associated viral vector (AAV) gene delivery methods and is initially targeting rare diseases in children devoid of bone marrow transplant or other invasive procedures thus spurting mortality rates.