Pelthos Therapeutics completes merger with Channel Therapeutics

Pelthos Therapeutics announced the closing of the previously announced merger agreement pursuant to which CHRO Merger Sub, a wholly owned subsidiary of Channel Therapeutics Corporation, merged with and into LNHC, a wholly owned subsidiary of Ligand (LGND) Pharmaceuticals, with LNHC surviving as a wholly owned subsidiary of Channel. The combined company will operate under the name Pelthos Therapeutics, and its shares will trade on the NYSE American exchange starting on July 2, 2025 under the new ticker symbol “PTHS”. Concurrent with the Merger, Pelthos closed on a $50.1 million private placement from a group of strategic investors led by Murchinson. The capital is being invested into Pelthos’ shares of Series A Convertible Preferred Stock, par value $0.0001 per share and common stock, par value $0.01, and includes cancellation of approximately $18.8 million in bridge capital that has been advanced to Pelthos by certain of the private placement Investors since the beginning of 2025 to support the commercial launch of ZELSUVMI(TM).