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ArTara Therapeutics, Proteon complete merger, $42.5M financing

ArTara Therapeutics Inc. said it completed a merger with Waltham, Mass.-based pharmaceutical company Proteon Therapeutics Inc.

The combined company will operate as ArTara Therapeutics Inc. and will start trading on the Nasdaq Capital Market at market open Jan. 10 under the ticker symbol TARA, according to ArTara's Jan. 9 press release.

The combined company also completed a concurrent equity financing of about $42.5 million. The proceeds from the financing will be used to develop ArTara's product candidates TARA-002 and intravenous choline chloride.

Proteon shareholders own about 10% of the combined company, while ArTara shareholders and new investors own the remaining 90%. ArTara CEO Jesse Shefferman will retain the same role in the new entity.

H.C. Wainwright & Co. and Morgan Lewis & Bockius LLP were the financial and legal advisers to Proteon for the merger. Ladenburg Thalmann & Co. Inc. was ArTara's financial adviser, while Cooley LLP was its legal adviser.