Wednesday, November 2, 2016
Signal Genetics Acquired By Miragen Therapeutics In Reverse Merger
Carlsbad-based Signal Genetics, which had been developing genetic testing technology for multiple myeloma, has been acquired in a reverse merger by miRagen Therapeutics, a developer of microRNA (miRNA)-targeting therapies for treating cancer and other diseases. miRagenTherapeutics said it is acquiring approximately 96 percent of Signal's outstanding common stock in the reverse merger, and will rename Signal to Miragen Therapeutics, Inc. In addition to theacquisition, Signal Genetics' stock symbol will be changed from SGNL to MGEN. The acquisition was funded by $40M in financing from Fidelity Management and Research Company, Brace Pharma Capital, Atlas Venture, Boulder Ventures, JAFCO Co., Ltd., MP Healthcare Venture Management, MRL Ventures (Merck), Remeditex Ventures, and others. Signal Genetics said that it had been undergoing an "extensive review of strategic alternatives" recently. As part of the reverse merger, all of Signal's existing directors and executives will resign their positions, and miRagen said it will sell of Signal's pre-existing intellectual property.