Pacific Pharmaceuticals, Procept deal

The companies will merge, keeping the Procept name and locating in Cambridge (see BioCentury, Nov. 9). PHAA shareholders will receive 0.11 shares of PRCT common stock per PHAA share held, which is expected to result in the issuance of 2.8 million PRCT shares, assuming the prior issuance of 2.1 million shares of PHAA stock related to the previously announced acquisition of Binary Therapeutics Inc. Prior to the merger, PHAA has 23 million shares outstanding and PRCT has 3 million shares outstanding. ...