Mimetica, Telesso Technologies Ltd. deal
Telesso will acquire Mimetica in a stock deal that values Mimetica at A$16 million ($14 million). Telesso will issue 63 million shares to Mimetica shareholders at A$0.25 per share, plus 3 million options at A$0.11 per option. The options are exercisable at A$0.25 per share for a period of five years. In connection with the acquisition, Telesso plans to raise A$6.5 million ($5.8 million) through the sale of 26 million shares at A$0.25 per share, giving the company a market cap of A$24.5 million ($22 million). The offer is not underwritten.
Telesso plans to use the funds for a double-blind, U.S. Phase II trial to evaluate Mimetica's MTC896 in 240 patients with moderate to severe acne. MTC896 is a small molecule inhibitor of melanocortin 5 receptor (MC5R). Under the proposed timeline, the trial would begin in 2Q14 and complete in 2Q15. ...