According to the Complaint, Proteon Therapeutics, Inc. focuses on improving the health of patients with kidney and vascular diseases through the development of novel, first-in-class therapeutics.
This action stems from a proposed transaction announced on September 23, 2019, pursuant to which Proteon Therapeutics, Inc. will merge with ArTara Therapeutics, Inc.
On September 23, 2019, Proteon’s Board of Directors caused the Company to enter into an agreement and plan of merger with ArTara. Pursuant to the terms of the Merger Agreement, each share of ArTara common stock will be converted into the right to receive Proteon shares such that, following the consummation of the Proposed Transaction, ArTara stockholders will own approximately 90% of the combined company, while stockholders of Proteon will own only approximately 10%.
On November 7, 2019, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission, which recommends that Proteon’s stockholders vote to approve the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.
This case was voluntarily dismissed on February 3, 2020.