Corautus, Via Pharmaceuticals deal

Via and VEGF will reverse-merge in a stock deal to form Via Pharmaceuticals Inc., which is expected to trade on NASDAQ under the symbol VIAP. Via's stockholders will own about 76% of the combined company, and VEGF stockholders will own about 24%. VEGF expects to have $12 million in cash at the close of the deal, which is expected next quarter. Via did not disclose its expected cash figure.

The newco will have one compound in clinical development, Via's VIA-2291. The small molecule 5-lipoxygenase inhibitor is in two separate Phase II trials to treat vascular inflammation: one in patients undergoing carotid endarterectomy and one in patients at risk for recurrent cardiovascular events following acute coronary syndrome. Via acquired exclusive worldwide rights to the compound from Abbott Laboratories (ABT, Abbott Park, Ill.) in 2005. ...