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Tocagen, Forte Biosciences Close Merger to Accelerate Inflammatory Skin Disease Treatment.

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MANews-(C)2009-2020

California-based gene therapy company Tocagen Inc. (NASDAQ: TOCA) has closed a merger with California-based biopharmaceutical company and Forte Biosciences, Inc., in an all-stock transaction focussed on advancing Forte's clinical programme in atopic dermatitis, the company said.

Terms of the transaction were not disclosed.

The combined company is expected to operate under the name Forte Biosciences and trade on the NASDAQ Capital Market under the ticker symbol FBRX.

An investor syndicate that includes Alger, BVF Partners LP and OrbiMed have entered into a securities purchase agreement to invest USD 14m in the combined company, subject to customary conditions.

The financing will help fund the further development of the combined company's clinical programmes, including lead asset FB-401, and is expected to close immediately prior to the completion of the merger.

The total cash balance of the combined company following the closing of the merger and financing is expected to be approximately USD 25m.

The merger is structured as a stock-for-stock transaction whereby all of Forte's outstanding shares of common stock and securities exercisable for Forte's common stock will be exchanged for Tocagen common...

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