Rafael Holdings and Cyclo Therapeutics Merge to Accelerate Development of Niemann-Pick Disease Type C1 Treatment

Merger Agreement:
Rafael Holdings and Cyclo Therapeutics have entered into a definitive merger agreement to enhance the development of Trappsol Cyclo for treating Niemann-Pick Disease Type C1.

Clinical Trial Progress:
Cyclo Therapeutics has completed enrollment for its Phase 3 clinical trial, TransportNPC, with interim analysis results expected in mid-2025.

Financial Details:
Upon merger completion, Rafael Holdings will allocate its Class B common stock to Cyclo Therapeutics’ investors, valuing Cyclo's shares at $0.95 each.

Strategic Investment:
Rafael Holdings made its first strategic investment in Cyclo Therapeutics in March 2023 to drive treatment innovation for Niemann-Pick Disease Type C1 patients.

Merger Completion:
The merger is expected to conclude in late 2024, subject to shareholder approval and other standard closing conditions.

Leadership Comments:
The CEOs of both companies expressed confidence in the merger, highlighting the potential for accelerated development and delivery of results from the TransportNPC trial.