Brooklyn ImmunoTherapeutics Has Completed A Reverse Merger With NTN Buzztime

By Amit Chowdhry ● March 26, 2021
  • Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) announced that it completed the reverse merger with NTN Buzztime. These are the details.

Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) – a biopharmaceutical company focused on exploring the role that cytokine-based therapy can have in treating patients with cancer – announced yesterday the completion of the reverse merger with NTN Buzztime. Brooklyn is going to focus on the advancement of IRX-2, its cytokine-based compound for the treatment of various cancers, as well as opportunities in the area of gene editing/cell therapy through its option agreement with Factor Bioscience/Novellus. Brooklyn’s common stock started trading on the NYSE American Exchange under the ticker symbol “BTX” today.

At the closing under the merger agreement, Brooklyn ImmunoTherapeutics LLC is merging with a wholly-owned subsidiary of NTN Buzztime and became a wholly-owned subsidiary of NTN Buzztime – which changed its name to Brooklyn ImmunoTherapeutics. Immediately following the closing, the former members of Brooklyn ImmunoTherapeutics LLC collectively own approximately 96.25% of the outstanding common stock of Brooklyn and the stockholders of NTN Buzztime prior to the merger own the remaining 3.75% of Brooklyn’s outstanding common stock. And following the closing of the merger, there are approximately 41.5 million post-reverse split shares of common stock outstanding.

In connection with the transaction, Maxim Group LLC served as the financial advisor for Brooklyn.

KEY QUOTE:

“The reverse merger with NTN Buzztime is a major step forward for Brooklyn. We look forward to continuing to evaluate IRX-2, a human cell-derived IL-2 therapeutic in neoadjuvant (pre-surgical) and adjuvant (post-operative) treatment for advanced head and neck squamous cell cancer. IRX-2 has received both fast track designation and orphan drug designation from the FDA for this indication with topline results from our Phase 2b clinical trial expected in the first half of next year. IRX-2 is also being studied in clinical trials in multiple oncology indications, both as a single agent and in combination with other anti-cancer drugs including checkpoint inhibitors.”

— Ronald Guido, MS, MS Pharm. Med., Chief Executive Officer of Brooklyn

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