Cortexyme Announces Completion Of Novosteo Acquisition

(RTTNews) - Biopharmaceutical company Cortexyme, Inc. (CRTX) announced Friday the completion of its acquisition of privately-held biotech company Novosteo, which targets therapeutics to treat rare skeletal diseases, bone cancer and injury. Novosteo stockholders now own approximately 15.5% of the combined company.

With the completion of the acquisition, Cortexyme appointed former Novosteo executives Dr. Dirk Thye as Chief Executive Officer, and Dr. Karen Smith as Chief Medical Officer of Cortexyme. Dr. Thye and Dr. Philip Low have also been appointed to the Cortexyme's Board of Directors.

Cortexyme plans to change its name to Quince Therapeutics, Inc. and begin trading under the ticker symbol "QNCX" in the coming months, to reflect the broadening pipeline of the company.

In conjunction with the close of the Novosteo acquisition, Cortexyme reported that the Compensation Committee of the company's Board of Directors approved grants of stock options to purchase an aggregate of 3,744,255 shares of Cortexyme's common stock.

The stock options are being issued as an inducement material to each new employee entering into employment with Cortexyme.