SAN DIEGO, Feb. 16, 2016 /PRNewswire-USNewswire/ -- Renova™ Therapeutics, a biopharmaceutical company developing gene therapy treatments for congestive heart failure and other chronic diseases, today announced that is has completed its reincorporation from the State of California to the State of Delaware.
The reincorporation in Delaware was approved by a vote of the company's stockholders earlier this year and was effected through the merger of Renova Therapeutics, Inc., a California corporation, or "Renova California," with its wholly owned subsidiary in Delaware. On the effective date of the merger, each issued and outstanding share of Renova California stock was automatically converted into one share of a comparable class or series of stock of the Delaware-incorporated entity. Each stock certificate representing issued and outstanding shares of Renova California now represents the same number of shares of a comparable class or series of stock of the Delaware-incorporated entity. Renova Therapeutics, Inc. will continue to operate its business as it existed immediately prior to the reincorporation.
"Reincorporating in Delaware is a strategic decision that we believe will benefit Renova as we continue building a robust gene therapy platform company," said Roy Cosan, President of Renova Therapeutics. "This move supports our operating philosophy and, ultimately, our shareholders."
About Renova Therapeutics
Renova™ Therapeutics is developing definitive, one-time gene therapy treatments to restore the health of people suffering from chronic diseases. The first two indications the company is pursuing are therapies for congestive heart failure (CHF) and type 2 diabetes, two of the most common and devastating chronic diseases in the world. The company's lead investigational product, RT-100, is a new type of treatment that delivers a therapeutic gene directly to damaged heart tissue during a routine outpatient procedure and has the potential to renew heart function in millions of patients with CHF. The company's product pipeline also includes a second-generation therapy for CHF patients and a groundbreaking therapy in preclinical stage for sufferers of type 2 diabetes. Renova Therapeutics was founded in 2009 and is led by an experienced management team in biopharmaceuticals and gene therapy. For additional information about the company, please visit www.renovatherapeutics.com.
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SOURCE Renova Therapeutics