Statera to distribute shares on $12M Imquest transaction

FORT COLLINS — Statera BioPharma Inc. (Nasdaq: STAB) said in a press release that it’s integrating ImQuest Life Sciences Inc. operations, including a contract research organization unit, and that ImQuest shareholders would soon begin receiving Statera shares.

Statera, formerly Cytocom Inc., is a clinical-stage biopharma developing therapies to treat autoimmune diseases, neutropenia/anemia, emerging viruses and cancers.

ImQuest’s work includes services and tools to help companies evaluate preclinical drug candidates. The work generates revenue for Statera as it works on its own drug pipeline.

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Statera, formerly Cytocom Inc., bought ImQuest June 23 in an all-stock deal valued at $12 million. New Statera shares would be issued to ImQuest shareholders after expiration of a 30-trading-day period from the deal’s close, which will occur on Tuesday, Sept. 7.

Statera — then Cytocom — merged with Cleveland BioLabs  Inc. in July, thereby taking the company public. Cytocom subsequently secured a commitment for $90 million in debt and equity financing from investors GEM Global Yield LLC, Avenue Capital and Adit Ventures.

Cytocom on Sept. 1 changed its name to Statera.

Statera CEO Mike Handley and other members of the management team will ring the Nasdaq closing bell Sept. 2, according to a press release.