Aerpio Pharmaceuticals completes reverse merger

Aerpio Pharmaceuticals has completed a reverse merger transaction with Aerpio Therapeutics Inc. and Aerpio Acquisition Corp. that resulted in Aerpio Pharmaceuticals continuing the historical business of Aerpio Therapeutics, according to a company press release.

All outstanding capital stock of Aerpio Therapeutics was converted into shares of common stock of Aerpio Pharmaceuticals, the release said.

The company also announced it raised $40 million through the issuance of about 8 million shares of common stock at a price of $5 per share. Net proceeds are to be used for clinical development activities, according to the release, including clinical trials of the company’s diabetic retinopathy treatment AKB-9778.

Aerpio’s board of directors will now have eight members after the reverse merger.