Tenax Therapeutics (NASDAQ:TENX) stock is flying high on Tuesday after announcing it has acquired PH Precision Med.
Tenax Therapeutics’ acquisition of PH Precision Med is a major one that will shift the focus of the company. It will also result in several executives at PH Precision Med taking on leadership roles at TENX.
Here’s everything investors need to know about the two companies and the acquisition deal boosting TEND stock today.
- Tenax Therapeutics is a pharmaceutical company focused on products to treat “cardiovascular and pulmonary diseases with high unmet medical need.”
- The company owns development and commercialization rights to levosimendan in North America.
- PH Precision Med is a private clinical-stage biotech company focused on “developing imatinib for the treatment of pulmonary arterial hypertension (PAH).”
- The company has already received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) to use imatinib to treat PAH.
- Stuart Rich, MD, co-founder of PH Precision Med, joins Tenax Therapeutics as its new CMO.
- When the next Board meeting rolls around, the company also plans to add him to its Board of Directors.
- Declan Doogan, MD and Michael Davidson, MD,, both co-founders of PH Precision Med, are also up for nomination to TENX’s Board of Directors.
- The acquisition also has Tenax Therapeutics issuing 12.1 million unregistered shares of common stock and securities convertible into common stock to PH Precision Med shareholders.
TENX stock was up 39.3% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.