NTN Buzztime NTN Stock News

NTN Buzztime Inc (NYSEAMERICAN: NTN) is running for the top in the market this morning, and for good reason. The company said that it has entered into a definitive merger agreement. Here’s what’s going on:

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NTN Stock Climbs On Merger News

In the press release, NTN Buzztime said that it has entered into a definitive merger agreement with Brooklyn ImmunoTherapeutics. If the transaction is approved, Brooklyn ImmunoTherapeutics will merge with one of the company’s subsidiaries.

The transaction will be an all-stock transaction that is expected to close in the fourth quarter of this year. Once the transaction closes, the combined company will take on the name Brooklyn ImmunoTherapeutics, and will focus on the development of a cytokine-based drug for the treatment of various cancers.

In a statement, Ron Guido, MS, MS PHarm. Med., CEO at Brooklyn ImmunoTherapeutics, had the following to offer:

We are pleased to reach an agreement with NTN Buzztime for the proposed merger. This provides us with the opportunity, once the merger is completed, to have our shares traded in the public market and to expand our investor base, which we believe will increase our ability to advance our clinical development program exploring the treatment of certain cancers using derived cytokines. We expect this merger will also enable us to expand our resources and expertise to build momentum in our drug development program. We believe that the merger will provide benefit to both the members of Brooklyn and the stockholders of NTN Buzztime.

Brooklyn is focused on exploring the role that IRX-2, a cytokine-based investigational therapy, can have on the immune system in treating patients with cancer. IRX-2’s active constituents, namely Interleukin-2 (IL-2) and other key cytokines, are postulated to signal, enhance and restore immune function suppressed by the tumor, thus enabling the immune system to attack cancer cells. Unlike existing recombinant IL-2 therapies, IRX-2 is naturally derived from human blood cells. This may potentially promote better tolerance, broader targeting, and natural molecular conformation leading to greater activity, and permit low physiologic dosing rather than high doses needed in existing IL-2 therapies. Our ongoing development program is specifically investigating use of IRX-2 in neoadjuvant (pre-surgical) and adjuvant (post-operative) treatment for advanced head and neck squamous cell cancer. IRX-2 has received both fast track designation and orphan drug designation from the FDA for this indication. Potential use of our product candidate in other cancer indications is also being evaluated in several investigator-sponsored trials. Finally, we are currently modifying our manufacturing process to allow us to develop additional drugs with a variety of cytokine mixtures to expand our product offerings.

The above statmenet was followed up by Allen Wolff, CEO at NTN. Here’s what he had to offer:

This transaction reflects the continuing commitment of our management team and board of directors to deliver value to our stockholders. Following a thorough review of strategic alternatives, we determined that the proposed merger with Brooklyn is in the best interest of our stockholders. We are also continuing to explore the sale of substantially all of the assets of our current business to provide additional capital and to allow the combined company to focus exclusively on Brooklyn’s business following the merger. While we are in discussions with multiple parties who are interested in purchasing those assets, no definitive agreement has been entered into to date.

This News Is Huge

The news released by NTN this morning proved to be overwhelmingly positive. After all, as a result of the merger, the company will have access to a cytokine treatment for cancer patients.

Importantly, this may quickly become a COVID-19 play. At the moment, cytokine therapies are being used as potential options for patients with severe COVID-19 symptoms, including ARDS. So, keep an eye on the developments there as we may see a big run if COVID-19 is brought into the frey. Nonetheless, with the merger NTN stock is one to watch closely.

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