Auris Medical Acquires RNA Therapeutics Company Trasir Therapeutics - Quick Facts

(RTTNews) - Clinical-stage company Auris Medical Holding Ltd. (EARS) announced Thursday that it has acquired privately-held RNA Therapeutics Company Trasir Therapeutics, Inc. The purchase price comprises 0.77 million common shares of the acquiring company, the assumption of certain selling shareholders' cash outlays as well as a future share-based payment contingent on reaching a specific development milestone.

The transaction, which closed on June 1, 2021, is the starting point for a strategic repositioning under which the Company intends to focus on the development of RNA therapeutics while in the medium term aiming to spin off or divest its existing assets in neurotology, rhinology and allergology.

Dr. Samuel Wickline, Trasir's founder and Professor of Medicine, has been appointed Chief Scientific Officer and joined the Company's leadership team.

To reflect the Company's strategic repositioning, the Board of Directors of Auris Medical intends to call an extraordinary general meeting of shareholders to propose to change its corporate name to Altamira Therapeutics Ltd. Upon approval of the proposed name change, the Company's shares will start trading under the ticker symbol "CYTO" - the word root for cell in ancient Greek - instead of "EARS."

In addition, the Board intends to propose the election of Margrit Schwarz, PhD, MBA, as an additional Board member.