Upon consummation of the transaction, Tarpan shareholders will own approximately 20% of the shares of Manhattan on a fully-diluted basis.
Upon the close of the transaction, Manhattan Pharmaceuticals’ expanded therapeutic portfolio will consist of three product candidates having the potential to address various large, underserved medical markets.
Manhattan acquires Tarpan’s primary product candidate, PTH (1-34), a peptide believed to be a regulator of epidermal cell growth and differentiation. It is currently under development as a topical treatment for psoriasis and additional dermatological indications.
Manhattan’s existing lead product, Oleoyl estrone, in development for the treatment of obesity, is expected to begin phase I clinical trials in the first quarter of 2005. Its Propofol Lingual Spray, in development for pre-procedural sedation, continues to pursue accelerated FDA approval.
Pursuant to the merger, Douglas Abel, president and CEO of Tarpan, will be appointed CEO of Manhattan Pharmaceuticals, overseeing all company operations and the clinical development of Manhattan’s three product candidates. Dr Leonard Firestone, Manhattan’s former CEO, has accepted a position as CEO of Experimed LLC, a privately held biomedical R&D company.