On March 25, 2021 Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) ("Brooklyn"), a biopharmaceutical company focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, reported the completion of the reverse merger with NTN Buzztime, Inc (Press release, Brooklyn ImmunoTherapeutics, MAR 25, 2021, View Source [SID1234577231]). Brooklyn will 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 will trade on the NYSE American Exchange under the ticker symbol "BTX" commencing on March 26, 2021.
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"The reverse merger with NTN Buzztime is a major step forward for Brooklyn," said Ronald Guido, MS, MS Pharm. Med., Chief Executive Officer of 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."
At the closing under the merger agreement, Brooklyn ImmunoTherapeutics LLC merged with a wholly owned subsidiary of NTN Buzztime and became a wholly owned subsidiary of NTN Buzztime, which changed its name to Brooklyn ImmunoTherapeutics, Inc. 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. Further, 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.
About IRX-2
IRX-2 is an allogeneic, reproducible, primary, human cell-derived IL-2 therapeutic with multiple active cytokine components that act on various parts of the immune system, to activate the entire tumor microenvironment. In addition to IL-2, IRX-2 contains multiple human cytokines that promote or enhance an immune response. IRX-2 is administered as a subcutaneous injection around lymph node beds.
IL-2 is a powerful immune factor that plays an important role in maintaining and restoring T cell response. IL-2 has induced response in cancer patients however recombinant formulations of IL-2 have been limited by toxicity and high doses of recombinant IL-2 results in significant immune-related adverse effects.