Benzinga | Apr 16, 2021 12:32PM EDT

Akers Biosciences and MyMD Pharmaceuticals Announce Stockholder Approval of Merger

Akers Biosciences, Inc. ("Akers") (NASDAQ:AKER) and MyMD Pharmaceuticals, Inc. ("MYMD") today announced that at Akers' special meeting of stockholders held on April 15, 2021, Akers obtained sufficient votes for each proposal required to consummate the previously announced proposed merger between Akers and MYMD. MYMD previously obtained a sufficient number of written consents from its stockholders to consummate the merger.

Upon closing, the combined company will be named MyMD Pharmaceuticals, Inc. and will remain listed on the Nasdaq under the new ticker symbol "MYMD," beginning April 19, 2021. The company intends to focus on developing and commercializing novel immunotherapy pipeline assets, including MYMD-1, a first-in-class drug being developed to treat autoimmune and age-related diseases, including extending the human lifespan.

"I am extremely proud of our dedicated team, who has put forth time and effort to get us to this significant milestone," said Chris Chapman, M.D., President and Chief Medical Officer of MyMD. "The closing of this merger should further position our company to advance our pipeline of drug candidates, including our recently announced Phase 2 trial that we plan to initiate, which continue to show tremendous promise for a myriad of indications. We are grateful for the support of or new and existing shareholders, who remain alongside us as we continue on this exciting journey."

MYMD-1 has been shown to be effective in regulating the immune system from causing age-related diseases in preclinical studies. MyMD believes that it is the first oral small molecule regulator of tumor necrosis factor alpha (TNF-?) capable of crossing the blood-brain barrier. Additionally, a recent study from the Eurofins Discovery human phenotypic screening platform revealed the potential of MYMD-1 to be developed as a therapy for fibrosis. Looking forward, MyMD intends to also continue to develop its second asset, Supera-CBD, a drug platform based on a patent-protected, synthetic derivative of cannabidiol (CBD) that seeks to target key cannabinoid receptors.

Pursuant to the Agreement and Plan of Merger and Reorganization, dated as of November 11, 2020, by and among Akers, MYMD and XYZ Merger Sub, Inc., a wholly owned subsidiary of Akers ("Merger Sub"), as amended, Merger Sub will merge with and into MYMD (the "Merger"), with MYMD surviving the Merger as a direct wholly owned subsidiary of Akers. Upon consummation of the Merger, MYMD will change its name to "MyMD Pharmaceuticals (Florida), Inc." and Akers will change its name to "MyMD Pharmaceuticals, Inc." In connection with the Merger, Akers will effect a 1-for-2 reverse stock split of its common stock (the "Reverse Split"). Akers and MYMD expect the name changes, the Reverse Stock Split, and the Merger to become effective after-market hours on Friday, April 16, 2021. Effective with the aforementioned changes, a total of approximately 37,282,169 shares of common stock will be outstanding, with the CUSIP number changing to 62856X102.

Following the completion of the Merger, Akers will succeed to the business of MYMD as its principal line of business.