Cyclerion Therapeutics Says Board Has Reviewed Non-Binding Proposal From Entity Formed By Investors Including Co.'s CEO To Purchase Zagociguat And CY3018 Assets; Says Board Has Concluded Proposal Merits Further Pursuit

Author: Benzinga Newsdesk | April 03, 2023 07:37am

Cyclerion Therapeutics, Inc. (NASDAQ:CYCN) today announced that the Board of Directors of the Company, acting solely by all of its independent and disinterested members (the "Independent Board"), has reviewed a non-binding proposal received on March 17, 2023 from an entity formed by investors that include the Company's Chief Executive Officer (CEO), to purchase the Company's zagociguat and CY3018 assets. After consultation with its legal and financial advisors, the Independent Board has concluded that the proposal merits further pursuit. Cyclerion has entered an exclusive negotiation arrangement for a limited period to allow the parties to negotiate binding documentation.

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