Arca biopharma and Nuvelo complete merger

Under the terms of the merger transaction, Nuvelo issued approximately 4.87 million new shares of common stock to shareholders of pre-merger Arca. As a result, former Arca pre-merger equity holders now hold approximately 67%, and former Nuvelo stockholders now own approximately 33%, of the common stock of the combined company.

In connection with the merger, Richard Brewer was appointed as president, CEO and a board member of the combined company. Michael Bristow, a founder of the pre-merger Arca, will assume the chairmanship of the new board and was appointed as chief science and medical officer of the combined company.

Mr Brewer said: The merger of Arca and Nuvelo creates a late-stage company with multiple significant milestones and a near-term commercialization opportunity in Gencaro, potentially the first genetically targeted heart failure treatment, followed by a cardiovascular development pipeline.

With our significant cardiovascular drug development and commercialization expertise, and financial resources expected to fund operations beyond the anticipated FDA response to the Gencaro new drug application, we believe we are well-positioned to provide both near- and longer-term value to our stockholders.