Entero Therapeutics, Inc. (NASDAQ: ENTO) ("Entero" or the "Company"), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, announced today that Entero has successfully negotiated and signed a rescission agreement (the "Rescission Agreement") with 100% of the previous shareholders of ImmunogenX, LLC ("IMGX") in relation to the ImmunogenX Business Combination which was previously announced on December 18, 2023 and ultimately closed on March 14, 2024. The Rescission Agreement and its effects are subject to certain closing conditions, including Entero receiving shareholder approval which must occur on or before June 30, 2025.
Richard Paolone, CEO of Entero, commented, "After completion of our internal review, we determined that executing the Rescission Agreement was the best option for Entero and our shareholders. Unwinding this transaction puts Entero back in the game and ultimately strengthens our balance sheet, refocuses our value creation strategy, and positions us for long-term success. This decision provides both Entero and IMGX the necessary flexibility to pursue their own respective strategic initiatives while maintaining a positive working relationship."
https://finance.yahoo.com/news/entero-therapeutics-announces-signing-rescission-025100160.html
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