Mast Therapeutics Inc (NYSEMKT:MSTX) has announced a date for a special meeting of its shareholders to vote on matters pertaining to the planned merger with Savara Inc. The special meeting is scheduled on April 21, 2017 while stockholders of record as of the business close on March 13, 2017 can attend and vote at this meeting.
Mast Therapeutics reported that the both companies board has unanimously approved by the merger. Even the company’s board has recommended its stockholders to vote “FOR” the proposal. The proposed merger is projected to finalize after the special meeting planned for this month, subject to the voting results and the satisfaction or waiver of the closing conditions.
The combined firm would work on a pipeline of innovative inhalation therapies for the cure of diseases with notable unmet medical needs, showcasing three product candidates, which are in advanced phases of clinical development; AIR001, for treatment of heart failure with HFpEF now in Phase II development; Molgradex to treat pulmonary alveolar proteinosis presently in Phase 2/3 development; and AeroVanc for treatment of chronic MRSA pulmonary infection in CF in preparation for a Phase III trial.
Mast Therapeutics reported that this merger is expected to close in the second half of this year. It intends to commence a pivotal Phase III study of AeroVanc in the third quarter of 2017. The company is trying to close negotiations with the U.S. FDA on the requirements for a major clinical trial of Molgradex in the United States in Q3 2017.
Mast Therapeutics reported that it will report strategy related to Molgradex plan expansion for the cure of a rare lung infection in FY2017. It will release top-line data from Phase 2/3 trial of Molgradex, projected to be registration-enabling for the cure of PAP in Japan and Europe, in Q1 2018. Moreover, the management expects to disclose results from underway Phase 2 trial of AIR001 for HFpEF treatment being planned in Q1 2018.