The company said in a news release that, following the merger, Vyant Bio will have two wholly owned subsidiaries, StemoniX and vivoPharm. Vyant has begun trading on the Nasdaq under the new symbol “VYNT” on Wednesday, as well.
The new company will be led by Cancer Genetics’ Jay Roberts, who will be CEO; Ping Yeh, StemoniX’s founder, who will be chief innovation officer; and Andrew LaFrence, who has been hired as chief financial officer.
“Vyant Bio will now jump-start an exciting clinical pipeline of therapeutics from its drug discovery engine for purposes of out-licensing to partners worldwide,” Roberts said in a prepared statement. “We worked tirelessly throughout 2020 and Q1 2021 to identify and complete this merger with StemoniX and are very excited to bring the best of these two companies together in a shared culture and vision for the future — to create safer and more effective therapeutics and meaningful shareholder value.”
StemoniX is described as empowering the discovery of new medicines through the convergence of novel human biology and software technologies. It is based in Minnesota.
In the transaction, H.C. Wainwright & Co. acted as financial adviser to Cancer Genetics, while Lowenstein Sandler LLP served as legal counsel. Roth Capital Partners and Northland Capital Markets acted as financial advisers to StemoniX and Taft Stettinius & Hollister LLP served as its legal counsel.