Benzinga | Jun 3, 2021 09:17AM EDT

Auris Medical Enters RNA Therapeutics with Trasir Therapeutics Acquisition; Plans To Spin-Off/Divest Existing Programs

* Auris Medical Holding Ltd (NASDAQ:EARS) has acquired privately-held Trasir Therapeutics Inc, focused on extrahepatic oligonucleotide delivery.

* The purchase price comprises 0.77 million common shares, the assumption of certain selling shareholders' cash outlays, as well as a future share-based payment contingent on reaching a specific development milestone.

* The transaction is the starting point for a strategic repositioning under which Auris Medical intends to focus on developing RNA therapeutics while in the medium term aiming to spin off or divest its existing assets in neurotology, rhinology, and allergology.

* Dr. Samuel Wickline, Trasir's founder, has been appointed Chief Scientific Officer and joined Auris Medical's leadership team.

* Trasir intends to initiate under project code AM-401 the preclinical development of the first pipeline program in oncology or rare disease indication. IND submission is expected by the end of 2022.

* To reflect the Company's strategic repositioning, Auris Medical intends to call an extraordinary general meeting of shareholders to propose to change its corporate name to Altamira Therapeutics Ltd.

* On approval of the proposed name change, the Company's shares will start trading under the ticker symbol "CYTO."

* Price Action: EARS shares are up 9.21% at $4.03 during the premarket session on the last check Thursday.