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ARS Pharmaceuticals Closes Merger with Silverback Therapeutics

Wednesday, November 09, 2022

ARS Pharmaceuticals, Inc., a biopharmaceutical company dedicated to empowering at-risk patients and caregivers in protecting themselves from severe allergic reactions and anaphylaxis, announced the successful completion of its merger with Silverback Therapeutics, Inc. (Silverback). All customary closing conditions, including approval by Silverback's stockholders, have been fulfilled. The combined entity will operate under the name ARS Pharmaceuticals, Inc. and its common stock will trade under the symbol "SPRY" on the Nasdaq Global Select Market, starting from November 9, 2022. Following the merger, ARS holds over $280 million in cash and marketable securities.

ARS has developed neffy®, a novel nasal spray device designed to deliver epinephrine for the treatment of Type I severe allergic reactions, including anaphylaxis. With its needle-free administration, neffy® aims to alleviate anxiety and hesitation associated with using an epinephrine injection device. The New Drug Application (NDA) submission for neffy® is currently undergoing review by the U.S. Food and Drug Administration (FDA), with a projected Prescription Drug User Fee Act (PDUFA) date in mid-2023. Additionally, ARS has filed a Marketing Authorization Application (MAA) in Europe, which is presently under review by the European Medicines Agency (EMA).

"This merger marks a transformative period for ARS as we transition into a publicly traded company and gain vital resources to support the potential launch and commercialization of neffy® upon approval," stated Richard Lowenthal, co-founder, president, and CEO of ARS. "Countless individuals suffer from severe allergic reactions, and unfortunately, many fail to promptly treat their symptoms or avoid using injection devices, leading to disease progression and potentially life-threatening outcomes. With neffy®, our aim is to eliminate the fear associated with administering epinephrine by providing a small, needle-free, and user-friendly nasal spray. At ARS, we believe that neffy® can bring significant clinical value to the community by offering an alternative to the currently approved injection devices for patients and caregivers who may not carry, hesitate to use, or avoid using their epinephrine injection device. Through the funding secured from our merger with Silverback, ARS is committed to extensive efforts in patient education and supporting advocacy groups dedicated to safeguarding the allergy patient community."

Following the merger, ARS has approximately 94 million outstanding shares of common stock. The prior ARS equityholders collectively own around 62% of the combined company, while the previous Silverback equityholders collectively hold approximately 38% of the combined company, in each case on a fully diluted basis using the treasury stock method and excluding out-of-the-money options of Silverback.

Upon the merger's completion, the ARS board of directors (Board) will comprise eleven members, including three directors from Silverback:

  • Pratik Shah, Ph.D., Chairman of the Board
  • Rajeev Dadoo, Ph.D., Managing Partner, SR One Capital Management, L.P.
  • Saqib Islam, J.D., CEO of Springworks Therapeutics, Inc.
  • Michael Kelly, Former President of U.S. Operations for Adapt Pharma, Inc.
  • Peter Kolchinsky, Ph.D., Managing Partner, RA Capital Management, L.P.
  • Jonathan Leff, Partner, Deerfield Management, and Chairman of the Deerfield Institute
  • Richard Lowenthal, M.Sc., MSEL, Co-founder, President, and CEO of ARS
  • Brent Saunders, Executive Chairman of The Beauty Health Company
  • Phillip Schneider, Board Member of Longboard Pharmaceuticals Inc. and Former CFO & SVP of IDEC Pharmaceuticals Corporation
  • Laura Shawver, Ph.D., CEO of Capstan Therapeutics
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