In pre-market Akers Biosciences Inc. (MYMD) stock surged by 43.41% to the price of $6.31 at the time of writing. MYMD stock closed the previous session at $4.40 and lost -10.93%.
MyMDPharamceuticals and Akers Biosciences Inc. announce their merger
On 16th April, MyMD Pharamceuticals and Akers Biosciences Inc. have announced that they have emerged successful from the Special Meeting of Stockholders held on 15th April. This means that majority of the shareholders have voted for the merger of both companies and have consummated enough votes for the merger to go through successfully. The combined name of the newly merged company will be MyMD Pharmaceuticals and the NASDAQ ticker will be listed as “MyMD” for the company; this initiated on 19th April 2021.
New focus of the combined company
The new company will set its focus on the development of their pipeline asset which includes MyMD-1 which is considered to be a potential for fibrosis treatment and therapy, studied by a human phenotypic screening platform by the name of Eurofins Discovery.
Current pipeline assets of MyMD
MyMD is currently working on two therapeutic platforms which are MyMD-1 and SUPERA-CBD. The former is a platform for a drug that is used for to control TNF-α as well as the inhibition of pro-inflammatory cytokines. MyMD-1’s main purpose will be for the therapeutic treatment of autoimmune diseases and these also include the ones which can be treated with TNF-α blockers and anti-ageing treatments. MyMD-1 is considered to be the first regulator of TNF-α which is capable of crossing blood-brain barrier.
SUPERA-CBD is a platform for drug that is still waiting for the approval of the patent of its synthetic based derivative of cannabidiol. This synthetic cannabidiol is used for the targeting the inhibition of monoamine oxidase and triggers opioid and CB2. SUPERA-CBD comes in the market of regulated FDA approved drugs as well as CBD products that aren’t regulated as drugs (as of yet). The development of SUPERA-CBD is to aim at the ever expanding CBD market and to not miss out on the market share growth potential. Tarzana main half of all, while all the while at Hyatt has our own high at all acts, have all day
MyMD is a clinical stage pharmaceutical company that specifically focuses on enhancing and broadening the lifespan of patients in a healthy way. The company approaches this by creating and designing innovative therapies and solutions to meet the unmet needs of the patients.
About Aker Biosciences
Is a bioscience company that focuses on the development on the vaccine candidate for the COVID-19.