Apollo Endosurgery, Lpath close reverse merger

Apollo Endosurgery and Lpath (NSDQ:LPTN) said yesterday that they closed a reverse merger in which Apollo put another $29 million into the combined company.

Shares in the new company, which will adopt the Apollo Endosurgery name, are slated to begin trading today on the NASDAQ exchange under the APEN symbol. After a 1-for-5.5-share reverse split, there are about 10.7 million shares on the market, the company said, with Apollo investors owning a roughly 95.9% stake (including the $29 million investment by Apollo affiliates); Lpath owners have a 4.1% share.

“Apollo has an exciting product and technology portfolio from which to advance the interventional treatment of obesity through less invasive procedures. We are grateful for the continued confidence and support of Apollo’s stockholders as we take this next step in the development of our company,” Apollo CEO Todd Newton said in prepared remarks.

Major investors in the $29 million infusion include affiliates of PTV Healthcare Capital, H.I.G. BioHealth Partners, Remeditex Ventures, Novo A/S and CPMG, the companies said when they announced the deal in September.

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