|Melinta new CEO Daniel Wechsler was appointed in late October to helm the newly public company.|
NEW HAVEN: Melinta Therapeutics Inc. [NASDAQ:MLNT], is now a public company it began trading on the Nasdaq on November 6 and the stock priced opened at $12.80 per share, with a company valuation of approximately $130 million. The company went public in a merger with the previous public Cempra of Chapel Hill, NC, also a bioscience company focusing on antibiotics.
Melinta is a “commercial-stage company” developing “novel" antibiotics to treat serious bacterial infections. Dan Wechsler was appointed as Melinta’s new president and chief executive officer on October 31. The company says the company’s executive leadership team is comprised of seven executives from Melinta and two executives from Cempra.
“The successful closing of our merger with Cempra is very exciting, as it positions us with significant capital to advance our clinical and commercial efforts for our flagship product, Baxdela, as well as drive forward our extensive pipeline of anti-infective products,” said, Wechsler.
Wechsler was given a grant of a stock option to purchase up to 550,981 shares of Melinta’s common stock at an exercise price equal to Friday’s closing price of the Melinta’s common stock, and a grant of restricted stock units for 183,661 shares of Melinta’s common stock.
Melinta also announced that the company’s board of directors will be chaired by Kevin Ferro, co-founder of Vatera Healthcare Partners of New York and early investor in Melinta, leading a $70 million investment in the company in April 2014.