On Thursday Proteon Therapeutics (NASDAQ:PRTO) traded with change of -3.48% on volume of 372220 shares in the last session as compared to average volume of 508348 shares. During last trade its minimum price was $0.22 and it gained highest price of $0.26. PRTO has total market capitalization of $4873682. Its closing value stands at $0.25.
On Oct. 31, 2019, Proteon Therapeutics (NASDAQ:PRTO) a company that has historically focused on the development of novel, first-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular disease, declared its financial results for the quarter ended September 30, 2019, and recent events.
Signing of Definitive Merger Agreement Announced. On September 23, 2019, Proteon announced it had entered into a definitive agreement in which a wholly-owned subsidiary of Proteon will merge, in an all-stock transaction, with ArTara Therapeutics, a private clinical stage biopharmaceutical company developing treatments for rare and specialty diseases with significant unmet therapeutic needs (ArTara). The merged company will focus on advancing ArTara’s pipeline of transformative late-stage, de-risked rare and specialty diseases assets. Upon stockholder approval, the combined company is expected to operate under the name ArTara Therapeutics and trade on the Nasdaq Capital Market under the ticker symbol TARA. The transaction has been unanimously approved by the Board of Directors of both companies, and is expected to close by year end 2019, subject to customary conditions, including approval by Proteon and ArTara stockholders and the satisfaction of the conditions under the stock purchase agreement for the private investment described below.
Concurrent $42.5 Million of Funding at Merger Closing Announced. A syndicate of healthcare dedicated investors have concurrently entered into a stock purchase agreement to invest $42.5 million in the combined company. This financing will help fund the development of ArTara’s lead assets TARA-002 and IV Choline Chloride and such funding is expected to be consummated concurrently with the closing of the merger transaction, which is expected by year end 2019.
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