Austin-based medical device company Apollo Endosurgery said Friday it has completed its merger with San Diego biotechnology firm Lpath Inc.
The newly combined company will become Apollo Endosurgery Inc. and will be publicly traded, with its shares trading on the Nasdaq exchange under the symbol “APEN,” the company said.
Founded in 2006, Apollo makes medical devices that can be used in place of less invasive surgery to treat obesity and other gastrointestinal disorders. In 2013, Apollo bought the Lap-Band, a stomach restricting band used to treat obesity, from Allergan for about $110 million.Apollo had revenue of $68 million for 2015, according to the company.
Lpath develops treatments for illnesses such as cancer and brain injuries. The company was publicly traded, with a market capitalization of $6.55 million.
“Apollo has an exciting product and technology portfolio from which to advance the interventional treatment of obesity through less invasive procedures. We are grateful for the continued confidence and support of Apollo’s stockholders as we take this next step in the development of our company,” Apollo CEO Todd Newton said in a written statement.
Following the closing of the merger, Apollo executed a 1-for-5.5 reverse stock split, the company said. That leaves the combined company with 10.7 million shares of common stock outstanding, Apollo said.
Existing investors in Apollo have also invested $29 million in new equity in the combined company, Apollo said.
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