NetScientific - PDS agrees to merge with Edge Therapeutics

In late November 2018, NetScientific announced that its portfolio company PDS Biotechnology and Edge Therapeutics (NASDAQ: EDGE) will merge. The new entity will trade on the NASDAQ and PDS’s shareholders will maintain majority ownership with a 70% stake, whereas Edge’s shareholders will hold the remaining 30%. The transaction is expected to close in Q119 and NetScientific’s ownership is expected to decrease to 9.2% (from 13.1%). The newly formed entity says it intends to use the combined cash balance of ~$25m to initiate several Phase II clinical trials of its PDS0101 cancer vaccine and to fund operations into 2020.