Arpida, Evolva to reverse-merge

Evolva S.A. (Allschwil, Switzerland) said on Thursday that it will reverse-merge with Arpida Ltd. (SIX:ARPN) in a stock deal. The companies said Evolva will conduct an equity financing prior to the deal's completion and that investors have "signalled funding interest in excess of CHF25 million" ($23.7 million). Evolva shareholders will own two thirds of the newco, and Arpida shareholders will own one third, with the final ownership reflecting any additional funds raised by Evolva prior to closing. The companies said the newco, which will be named Evolva, will have cash through the end of 2012. At June 30, Arpida had CHF20.5 million ($19 million) in cash and a six-month operating loss of CHF14 million ($13 million).

Evolva's lead compound is EV-077, an oral thromboxane receptor antagonist and thromboxane synthase inhibitor in Phase I testing for renal disease and arterial thrombosis. The companies will decide on the further development of Arpida's IV iclaprim for complicated skin and skin structure infections (cSSSIs) after receiving a recommendation from EMEA's CHMP, which is expected next month. Arpida received a complete response from FDA for IV iclaprim in January. ...