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Pharma Tech Outlook | Tuesday, September 21, 2021
Clarus Therapeutics completes Blue Water deal, hits the market to develop androgen and metabolic therapies.
FREMONT, CA: Clarus Therapeutics, Inc., a specialty pharmaceutical company focused on developing androgen and metabolic therapies for men and women (Clarus), and Blue Water Acquisition Corp., a publicly traded unique purpose acquisition company (Blue Water), completes their previously announced business combination.
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Clarus Therapeutics Holdings, Inc. will be renamed and will begin trading its common stock under the symbol CRXT and warrants under the symbol CRXTW on the Nasdaq Global Market on September 10, 2021. Clarus Holdings common stock has a CUSIP number of 18271L 107, while the warrants have a CUSIP number of 18271L 115.
“At Clarus, our goal is to develop and commercialize androgen and metabolic therapies for unmet medical conditions in men and women,” says President and Chief Executive Officer Dr. Robert Dudley. “My sincere thanks to our investors, employees, board of directors, and advisors for supporting our vision and making this transaction a success. We intend to use our new resources to expand the commercialization of JATENZO® and build an innovative pipeline of product candidates.”
Clarus Holdings received roughly $25.3 million in gross proceeds from this business combination. Blue Water’s stockholders approved the business combination at a special meeting convened on August 27, 2021. Clarus stockholders voted in favor of the corporate combination as well. Clarus' management team, led by Dr. Robert Dudley, Founder, President, and Chief Executive Officer, will continue to run the united firm.
“We are proud to complete this business combination with Clarus,” says Joseph Hernandez, Chairman and Chief Executive Officer of Blue Water. “The company’s highly experienced management team with its focus on continued growth and expansion positions Clarus well for success. We look forward to the fruition of Clarus programs and are confident in their potential to deliver value to patients and investors.”
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