Tyme Technologies Completes Reverse Merger

Raises Nearly $7 Million in Private Offering

Wholly-Owned Subsidiary Tyme Inc. to Focus on Developing Oncology Drug Candidates

NEW YORK--(BUSINESS WIRE)--Tyme Technologies, Inc. (OTC QB: TYMI) announced today the completion of a reverse merger in which Tyme Inc., a research and development company focused on developing drug candidates for the treatment of cancer, become a wholly-owned subsidiary of the public company and former Tyme Inc. stockholders collectively acquired 68 million shares of common stock of the public company. Along with the merger, Tyme Technologies also completed a private offering of shares of its common stock and involving gross proceeds of $6.79 million, of which $4.29 million was paid in cash and the remainder is subject to a 90-day promissory note that is secured by an escrow of our outstanding common stock. The Merger and private placement closed on March 5, 2015. Tyme Technologies also split-off its existing assets and liabilities, which were transferred to a former stockholder, officer and director of the public company in exchange for the surrender of his entire equity interest in Tyme Technologies. After giving effect to the completion of all of the foregoing transactions, the former Tyme Inc. stockholders beneficially own 79% of the issued and outstanding public company common stock. The public company intends to operate the Tyme business as its sole business.

“We look forward to advancing drug candidates with the potential to meet the growing demand for next-generation therapies that treat cancer and improve patient well-being.”

Tyme Inc. will be led by Chief Executive Officer, Steve Hoffman and Chief Operating Officer, Michael Demurjian. The Company anticipates the expansion of its Board of Directors in the near future.

"There is a tremendous need for new and innovative approaches to cancer treatment and we are excited to find ourselves in the public marketplace at this pivotal time," said Steve Hoffman, Chief Executive Officer and co-founder of Tyme Inc. "We look forward to advancing drug candidates with the potential to meet the growing demand for next-generation therapies that treat cancer and improve patient well-being."

About Tyme

Tyme is a pharmaceutical company focused on discovering and developing highly targeted cancer therapeutics for a broad range of oncology indications. Tyme is the originator of what it believes to be a novel, proprietary treatment regimen consisting of a rationally-designed combination of therapeutic agents aimed at exploiting the aberrant metabolic characteristics of cancer cells as well as activating the endogenous immune response against tumors. Tyme's approach is hypothesized to permit selective elimination of cancer cells, while simultaneously improving patients' well-being, particularly with respect to pain severity and functional independence.

Tyme is currently developing for use in humans SM-88, our proprietary compound, which we believe to be a first-in-class drug that harnesses the body’s own immune defenses to fight tumor cells. SM-88 is a novel combination drug that synergistically target the unique metabolic features of cancer cells, thus providing a selective method of altering the susceptibility of cancer cells to oxidative stress. Tyme has completed a proof-of-concept clinical study for SM-88 in late-stage cancer patients with relapsed or highly refractory disease and is working towards submitting an Investigational New Drug (IND) application to the U.S. Food and Drug Administration, with the goal of beginning a randomized clinical trial in multiple U.S. centers in the near future. We anticipate an IND submission to the FDA by the second quarter with trials commencing in third quarter.

In connection with the Merger and the transactions described above, Tyme Technologies filed a Current Report on Form 8-K with the US Securities and Exchange Commission on March 11, 2015. Readers are urged to review this entire Form 8-K for a complete description of the Merger, private offering and other related transactions.

For more information, visit our website: www.tymetechnologiesinc.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the company’s actual results, performance or achievements to be materially different from any historical results and future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the factors described in the section captioned "Risk Factors" of Tyme's Current Report on Form 8-K filed with the US Securities and Exchange Commission on March 11, 2015 (available at www.sec.gov).

Readers can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "would" and similar expressions intended to identify forward-looking statements, and forward-looking statements within this press release include statements regarding our drug development strategies, clinical trials and plans for submitting an IND with the FDA. Forward-looking statements reflect Tyme Technologies' current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, readers should not place undue reliance on these forward-looking statements.


Tyme Technologies, Inc.
Raghuram Selvaraju, Investor Relations

Help employers find you! Check out all the jobs and post your resume.

Back to news