Symetryx acquires 20% stock in NeuBase Therapeutics

Symetryx Corporation announced that it has acquired 20% of the issued and outstanding common stock in Neubase Therapeutics. Symetryx is now urging the Board to issue a special $1 per share dividend. Symetryx has bought these shares on the open market and intends to engage with the management of Neubase to chart the best path forward for shareholders. Neubase, as disclosed in its previous news releases, is currently undergoing a strategic review of the company’s operations. Symetryx notes that for the quarter ended June 30, 2023, Neubase reported approximate cash balance of $14.7 million. Symetryx is of the view that the cash position of the company makes Neubase a very attractive merger candidate, and it does not believe that a $1 per share dividend would make the company any less attractive. The shareholder base of the company invested in Neubase for the exciting work they were doing, not in a shell looking for a target. With the strategic review underway, we believe both rewarding shareholders with a dividend, and looking for a merger candidate is a true win-win for shareholders. Symetryx notes that the Company has met with Symetryx and is receptive to ongoing discussions. Symetryx is encouraged by the actions the Company has taken. Symetryx is of the view that many companies exhaust their cash balances in similar strategic alternative reviews and it would like to work closely with Neubase to ensure that assets of the company are utilized judiciously to maximize shareholder value. We believe all options should be available for the board to consider, whether that be a merger, acquisition, special dividend to shareholders, or a winding down of the company and return of capital to shareholders.