FAST NEWS: EUDA Health to merge with developer of cancer, women’s health treatments
The Latest: Singapore-based digital health platform EUDA Health Holdings Ltd. (EUDA.US) said on Thursday it has signed a letter of intent to merge with TheoremRx Inc., a U.S.-based developer of medical treatments for cancer and women’s health conditions.
Looking Up: The merger will provide EUDA with “immediate growth and innovation opportunity,” according to EUDA founder and CEO Dr. Kelvin Chen.
Take Note: EUDA previously fell out of compliance with Nasdaq listing rules and faced potential delisting after its stock price fell below the required $1 threshold in June. But it returned to compliance after the price rose back above $1 in August.
Digging Deeper: EUDA Health was founded in 2019 in Singapore as a technology-based provider of healthcare services. It went public on the Nasdaq last year using a special purpose acquisition company (SPAC). EUDA said TheoremRx has access to a “robust pipeline of compounds” to treat various medical conditions. TheoremRx Chairman Dr. Kenneth Sorensen added that his company’s treatments under development have an addressable market of $16 billion, and that some could be ready for commercialization as soon as the second half of next year. The two companies signed a letter of intent on Oct. 4, and have 30 days after that to negotiate a final agreement.
Market Reaction: EUDA’s shares rose 8.4% on Thursday to close at $1.67 after the announcement.
Reporting by Doug Young
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Reporting by Doug Young
