IRVINE, Calif.--(BUSINESS WIRE)--Feb. 1, 2006--Privately held Somanta Incorporated today announced the completion of a reverse merger transaction with Hibshman Optical Corp., a public company with no prior operating or stock trading history. Somanta, a specialty oncology company with a focus on in-licensing and clinically developing anti-cancer agents, will remain as the surviving corporation with its management and Board of Directors assuming operational control of the combined companies. The merger will result in Somanta becoming a publicly traded company, renamed as Somanta Pharmaceuticals, Inc., trading on the Over the Counter Bulletin Board. Somanta also announced that it has raised approximately $5.9 million in gross proceeds through the sale of Series A convertible preferred stock to a group of institutional investors. SCO Securities LLC acted as exclusive placement agent for the transaction. The proceeds of this offering will be utilized for the clinical development of its three lead pre-clinical candidates. Following the reverse merger and sale of preferred stock, Somanta now has approximately 14.3 million shares outstanding, including approximately 570,000 shares held by former Hibshman Optical shareholders.
