Inspyr Therapeutics Announces New Holding Company Structure
October 12, 2021 at 07:00 am EDT
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Inspyr Therapeutics, Inc. announced that a 1-for-75 reverse stock split of its common stock and holding company restructuring whereby Rebus Holdings, Inc. (“Rebus”), a newly created entity will serve as the new holding company that will replace Inspyr as the public company trading on the OTC Markets trading under the symbol RBSH. The reverse stock split and holding company reorganization will occur concurrently.
Inspyr has completed a restructuring consisting of reacquiring its rights to its now lead asset RT-AR-001 and transforming into a holding company structure. Management believes that reacquiring the Adenosine assets and its new structure will lead to a more streamlined company that will increase stockholder value. A pre-IND meeting for RT-AR-001 was held with the FDA in First Quarter of 2021. Following that meeting the company has moved forward with manufacturing and non-clinical studies to support the submission of an IND. The company expects to provide a further clinical update in the first half of 2022
Accordingly, Inspyr stockholders will automatically become stockholders of Rebus with the same ownership percentage of shares as they held in Inspyr immediately prior to the reorganization. Inspyr will subsequently operate as a wholly-owned subsidiary of Rebus. Effective at the open of the market on October 12, 2021, Inspyr will cease to trade under NSPX and Rebus will begin trading under the new ticker symbol RBSH with a CUSIP of 75619J 103.
Rebus Holdings, Inc. is a pharmaceutical company. The Company is focused on the research and development of targeted precision therapeutics for the treatment of cancer. The Company utilizes its proprietary delivery technology to enhance immuno-modulation for developing therapeutic outcomes. Its immune-oncology lead asset, RT-AR001, is an adenosine A2A receptor antagonist, is differentiated by its intratumoral delivery of nano- or microparticle formulations that allow for better tumor infiltration. Its patented portfolio of adenosine receptor antagonists provides treatment based on the specific adenosine targets found in each type of cancer. The adenosine receptor modulators include A2A, A2B and dual A2A/A2B antagonists, that have broad development applicability, including indications within immuno-oncology. It is also engaged in the manufacturing of platform delivery systems for nano- or microparticle formulations that are used in toxicology studies.