SAN DIEGO, July 15, 2013 (GLOBE NEWSWIRE) -- Ocera Therapeutics, Inc. ("Ocera"), a clinical stage biopharmaceutical company developing novel therapeutics for orphan liver diseases, and Tranzyme, Inc. (Nasdaq:TZYM) ("Tranzyme") today announced that, following a special meeting of the shareholders of Tranzyme held on July 15, 2013, the Ocera and Tranzyme merger has closed. The combined company is named Ocera Therapeutics, Inc. and will trade beginning July 16, 2013 on the NASDAQ Global Market under the symbol "OCRX". The combined company (the "Company") operates under the leadership of Linda S. Grais, MD, President and Chief Executive Officer, and the board of directors consists of representatives from both the former Ocera and Tranzyme boards.
Prior to the merger, Tranzyme effected a 12-to-1 reverse split of its outstanding common stock. After giving effect to the merger and the reverse stock split, the holder of each share of the common stock of pre-merger Ocera received approximately 0.11969414 shares of the Company's common stock. All options and warrants of pre-merger Ocera that were outstanding prior to the merger were assumed by Tranzyme in the merger.
Immediately following the closing of the merger, certain of the Ocera investors, including Domain Associates, Thomas McNerney & Partners, Sofinnova Ventures, InterWest Partners, Greenspring Associates, Agechem, CDIB and Wasatch Advisors, invested approximately $20 million in the Company through a private placement financing at $6.0264 per share of post-split Company stock. Following the merger, the reverse split and the financing, the Company has approximately 11.3 million shares outstanding."The closing of this merger represents an important milestone as Ocera joins forces with Tranzyme to develop OCR-002, a differentiated product candidate for orphan liver diseases," said Dr. Grais. "We look forward to advancing OCR-002, currently in Phase 2 development, to address a significant unmet need in the treatment of hepatic encephalopathy in patients with decompensated liver cirrhosis."