Radius also announced today that immediately following the initial closing of the equity financing, it merged with MPM Acquisition Corp. ("MAC"), an unlisted public reporting shell company. The surviving company will be renamed Radius Health, Inc. and will continue to maintain the status of a reporting company with the Securities and Exchange Commission. Radius shareholders will hold 100 percent of the resulting company's equity. Radius Health, Inc. plans to apply for a listing on a national securities exchange upon satisfaction of criteria for an initial listing on the exchange.
In connection with the financing, Radius completed a services agreement with Nordic whereby Nordic will manage the pivotal Phase 3 clinical trial of BA058 Injection. The 18-month study will enroll 2,400 patients and will be conducted in eight countries at 11 centers operated by the Center for Clinical and Basic Research, a leading clinical research organization with extensive experience in global osteoporosis registration studies.
"Osteoporosis is a serious medical condition worldwide for which patients have few options for long-term treatment," said Claus Christiansen, MD, Founder and Chairman of Nordic Bioscience and a world-recognized expert in osteoporosis. "There remains a significant unmet need for new anabolic therapies, which build new bone rather than slow its breakdown. We at Nordic are excited about working with Radius on this Phase 3 study for BA058, which we believe will lead to an important new anabolic therapy for this debilitating condition."
In connection with the financing and the combination with MAC, Martin Muenchbach, PhD, Managing Director of BB Biotech Ventures, joined the Radius Board of Directors, along with three senior industry executives: Alan Auerbach, Founder, President, and CEO of Puma Biotechnology as well as Founder, President, and CEO of Cougar Biotechnology prior to its acquisition by Johnson & Johnson; Kurt Graves, f
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