Leading BioSciences Encourages Seneca Biopharma Stockholders to Vote "FOR" Proposed Merger
Combined company, to be named Palisade Bio, will be well-positioned to leverage its compelling therapeutics pipeline, strong cash position, and accomplished management and Board to maximize stockholder value
Seneca stockholders are urged to vote in support of each proposal presented at Seneca’s Special Meeting on April 9, 2021, including approval of a reverse stock split
CARLSBAD, Calif., March 31, 2021 (GLOBE NEWSWIRE) -- Leading BioSciences, Inc. (“LBS”), a late-stage biopharma company advancing therapies for acute and chronic gastrointestinal (GI) complications, strongly encourages Seneca Biopharma, Inc. (Nasdaq: SNCA) (“Seneca”) stockholders to vote in support of the proposed merger at Seneca's upcoming Special Meeting scheduled for Friday, April 9, 2021, at 11:00 a.m. (Eastern Time), which will be held virtually at www.virtualshareholdermeeting.com/SNCA2021SM.
“We urge all Seneca stockholders to vote on the proposed merger between Seneca and LBS. We believe the transaction presents existing Seneca stockholders with a compelling opportunity to maximize the value of their investment by participating in the potential growth of the combined company, which is to be named Palisade Bio,” said Tom M. Hallam, Ph.D., chief executive officer of Leading BioSciences. “The combined company will be well-positioned to leverage LBS’s pipeline of novel therapeutics for post-surgical GI complications, including LBS’s lead asset, LB1148, that has demonstrated efficacy signals in three clinical trials with a clear path to regulatory approval. LBS’s cash position will enable the combined company to build on its clinical progress to maximize value for stockholders. In consideration of this strategic transaction, LBS, Seneca, and a leading proxy advisory firm, ISS, all recommend Seneca stockholders vote in support of the proposed merger. It is important to note that completion of the merger requires stockholders to vote in support of both proposal #1, which is the proposed reverse stock split, a prerequisite to close the merger and ensure Palisade Bio meets its NASDAQ’s listing requirements, as well as proposal #2.”
Reasons to Vote “FOR” the Proposed Merger
Post-merger combined company will be well-positioned to pursue LBS’s pipeline of novel therapeutics
Merger provides a compelling value proposition for Seneca’s stockholders
Each of your votes matters and is important no matter how many shares you own
Seneca stockholders as of the close of business on February 9, 2021, the record date for the Special Meeting, are eligible to vote and attend the virtual Special Meeting. LBS, Altium Capital, and Seneca’s board of directors remain fully supportive of the proposed merger and strongly recommend that Seneca stockholders vote “FOR” each of the proposals at the Special Meeting. The proposed transaction has also been endorsed by a leading proxy advisory firm, Institutional Shareholder Services (ISS). LBS stockholder approval for the merger has already been completed by an overwhelming majority. To successfully close the merger, Seneca stockholder approval for proposal #2 is needed by a majority of voted shares as well as approval for proposal #1, the reverse stock split, by a majority of total outstanding shares. Approval of the reverse stock split is necessary to ensure that the combined company, Palisade Bio, meets NASDAQ’s listing requirements.
How to Vote
Stockholders who need assistance in submitting their proxy or voting their shares should call Seneca’s proxy solicitor, Kingsdale Advisors toll-free at 1-855-682-2019 or collect at 1-416-867-2272 and one of their agents would be happy to help you vote over the phone.
About Leading BioSciences, Inc.
About Seneca Biopharma, Inc.
No Offer or Solicitation
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