ARCA biopharma, Inc and Nuvelo, Inc (Nasdaq: NUVO) announced completion of their merger today. The combined company will focus on developing genetically targeted products for heart failure and other cardiovascular diseases. The company’s lead product candidate for chronic heart failure, Gencaro (bucindolol hydrochloride), was accepted for review by the FDA in September 2008. ARCA has identified genetic variations that it believes predict patient response to Gencaro, a beta-blocker and mild vasodilator. The company’s pipeline also contains NU172, a direct thrombin inhibitor which recently completed phase 1b trials for use as a short-acting anti-coagulant during medical or surgical procedures.
The new combined entity will be called ARCA biopharma, Inc., traded on the NASDAQ under the ticker symbol ABIO, and headquartered in Broomfield, Colorado. Under the merger agreement, Nuvelo issued about 4.87 million shares of common stock to pre-merger ARCA shareholders resulting in approximately 67% ownership for pre-merger ARCA shareholders. Pre-merger ARCA CEO Richard M. Brewer was appointed president, chief executive officer, and a board member of the combined company. For more information, see the company’s press release.
