("Kadimastem") (TASE: KDST), a clinical-stage cell therapy company developing and manufacturing "off-the-shelf" allogeneic cell products for the treatment of neurodegenerative diseases and potential cure for diabetes, are pleased to announce that in a special general meeting of shareholders held yesterday, Kadimastem's shareholders approved the merger with NLS (the "Merger"). This key milestone brings NLS and Kadimastem one step closer to creating a combined Nasdaq-traded biotechnology company with a robust portfolio of advanced therapies for neurodegenerative diseases and diabetes.
Ronen Twito, Kadimastem's Executive Chairman and CEO, and Alexander C. Zwyer, NLS's CEO & Executive Board Member, stated: “Receiving approval from Kadimastem's shareholders is a significant step forward in the merger process".
NLS is also planning to convene a shareholder meeting for final approval of the Merger. The collaborative effort between NLS and Kadimastem underscores the companies' commitment to advance innovative solutions that address unmet medical needs in the biopharmaceutical sector.
Ronen Twito, Executive Chairman and Chief Executive Officer of Kadimastem, stated, "We are happy that our shareholders have approved this significant Merger with NLS. We believe that this approval shows the shareholders' appreciation of the anticipated value creation from the Merger to leverage NLS's and Kadimastem's combined strengths in biotechnology. We look forward to completing the Merger and unlocking new opportunities for growth and innovation."
Alex Zwyer, Chief Executive Officer of NLS, commented, "Receiving approval from Kadimastem's shareholders is a significant step forward in the Merger process. We look forward to the potential benefits of bringing our two companies together and are committed to working collaboratively to advance innovative solutions in biotechnology. We aim to convene our shareholders meeting in the coming weeks to support a smooth transition toward this partnership."
As the Merger process progresses, both companies remain focused on aligning their efforts to become a leading force in developing therapies that address critical health challenges.
About NLS Pharmaceutics Ltd.
NLS is a global development-stage biopharmaceutical company, working with a network of world-class partners and internationally recognized scientists, focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders who have unmet medical needs. Headquartered in Switzerland and founded in 2015, NLS is led by an experienced management team with a track record of developing and commercializing product candidates. For more information, please visit www.nlspharma.com.
About Kadimastem:
Kadimastem is a clinical stage cell therapy company, developing "off-the-shelf," allogeneic, proprietary cell products based on its technology platform for the expansion and differentiation of Human Embryonic Stem Cells (hESCs) into functional cells. AstroRx®, the company's lead product, is an astrocyte cell therapy in clinical development for the treatment for ALS and in pre-clinical studies for other neurodegenerative indications.
IsletRx is the company's treatment for diabetes. IsletRx is comprised of functional pancreatic islet cells producing and releasing insulin and glucagon, intended to treat and potentially cure patients with insulin-dependent diabetes. Kadimastem was founded by Professor Michel Revel, Chief Scientific Officer of Kadimastem and Professor Emeritus of Molecular Genetics at the Weizmann Institute of Science. Professor Revel received the Israel Prize for the invention and development of Rebif®, a multiple sclerosis blockbuster drug sold worldwide. Kadimastem is traded on the Tel Aviv Stock Exchange.
