The Employee Stock Ownership Plan (“ESOP”) purchased 100% of the common stock of the Company in a leveraged ESOP recapitalization.

COMPANY
The Company is a pharmaceutical research and development company. The Company has expertise in development, research, formulation and testing and licensing of pharmaceutical products.

OUR ROLE
Pendo Advisors, LLC served as independent financial advisor to the trustee of the ESOP and provided a fairness opinion in connection with the transaction.