Rafael Holdings Inc (NYSE:RFL), an investor in novel cancer therapeutics, and clinical-stage biotechnology company Cyclo Therapeutics Inc (Nasdaq:CYTH) confirmed on Wednesday that they have completed their merger following shareholder approvals.

Rafael Holdings issued Class B common stock to Cyclo Therapeutics shareholders, representing approximately 22% of the combined company, along with warrants to certain holders of Cyclo warrants.

Trappsol Cyclo, now Rafael Holdings' lead clinical asset, is being evaluated in the TransportNPC Phase 3 trial for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disorder. The trial, fully enrolled, is a prospective, randomised, double-blind, placebo-controlled study in paediatric and adult patients, with interim 48-week analysis results expected in mid-2025.

Bill Conkling, president and CEO of Rafael Holdings, said that this merger aligns with the company's strategy to advance clinical-stage assets addressing high unmet medical needs. He expressed confidence in the Cyclo Therapeutics team and highlighted their success in enrolling a comprehensive trial for Niemann-Pick Disease Type C1.

Rafael Holdings plans to leverage its resources to support the development of Trappsol Cyclo and deliver improved outcomes for affected patients.