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Apollo Endosurgery closes merger with Lpath

Apollo Endosurgery Inc., a medical device company focused on less invasive therapies for the treatment of obesity, has completed its merger transaction with Lpath Inc.

Lpath was renamed Apollo Endosurgery Inc. after the closing of the deal and will start trading on the Nasdaq Global Market under the symbol APEN on Dec. 30.

Apollo's stockholders received common stock representing about 95.9% of the outstanding shares and the stockholders of Lpath retained about 4.1% of the combined company.

After a 1-for-5.5 reverse stock split, the combined company has about 10.7 million common shares outstanding.

Concurrent with the closing of the merger, certain stockholders of Apollo invested $29 million of new equity in the combined company, which is included in the 95.9% ownership of previous Apollo stockholders.