The company transitioned to the U.S. public market.
(Press Release) HOD HASHARON, ISRAEL — Wize Pharma Inc., formerly known as OphthaliX Inc., has closed on the previously announced merger with Wize Pharma Ltd., a clinical-stage biopharmaceutical company (Wize Israel) focused on the treatment of ophthalmic disorders. In connection with the merger, Wize Israel's ordinary shares were delisted from the Tel Aviv Stock Exchange and from Nov. 16, 2017, Wize's common stock will be quoted on the OTC Pink under the symbol "WIZP."
"Wize's transition to the U.S. public market marks a significant milestone for us, and serves as testament to the determination of our team as well as the support of our investors to date," said Ron Mayron, chairman of the board of directors of Wize. "Wize's team is passionate about helping those who suffer from DES, CCH and Sjögren's and will pursue opportunities to expand the markets in which our LO2A products are available to treat such conditions. We believe Wize presents an attractive business opportunity with our market potential."
Upon completion of the merger, the shareholders of Wize Israel have become the majority owners of Wize. Post-merger, Wize has approximately 105 million shares of common stock outstanding with pre-merger Wize Israel shareholders collectively owning 90 percent of the outstanding shares, and pre-merger OphthaliX stockholders collectively owning 10 percent of the outstanding shares.
As a result of the merger, the business of Wize Israel became the ongoing business of Wize. Wize will be led by Wize Israel's current management team, Or Eisenberg (acting CEO and CFO) and Noam Danenberg (COO).