Silverback Therapeutics to merge with ARS Pharmaceuticals; focus on needle-free epinephrine nasal spray neffy

ARS Pharmaceuticals, Inc.

Silverback equity holders expected to own ~37%, ARS holders ~63% on fully-diluted basis.
Combined company expected to have ~$265M cash at close; merger expected Q4 2022; ticker to change to 'SPRY'.
Silverback to reduce workforce by ~73% by Sept 2, 2022; severance charges ~$13M cash + $2M non-cash.
ARS preparing NDA submission for neffy in Q3 2022; potential US launch in 2023.
Combined company CEO will be Rich Lowenthal (ARS); board of 10 members (7 from ARS, 3 from Silverback).

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