Company: PTHS
Filing Date: 2025-09-16
Form Type: 8-K/A
Source: 0001753926-25-001500
Chunk: 144

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-09-16
Form: 8-K/A
Chunk 144
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IL technology. In addition, the agreement also allows Ligand to require LNHC to provide manufacturing technology transfer services, if requested, for products other than ZELSUVMI for the treatment of molluscum contagiosum in humans, to a potential third-party manufacturer.

On April 17, 2025, Ligand
and Channel announced the signing of a definitive merger agreement to combine LNHC (Ligand’s wholly owned subsidiary) with
CHRO Merger Sub Inc., a wholly owned subsidiary of Channel. The merger was supported by $50 million in capital raised from a group
of strategic investors.

On July 1, 2025, Channel
Therapeutics Corporation, Merger Sub, LNHC, and solely for the purposes of Article III thereof, Ligand consummated the Merger,
pursuant to which, (i) Merger Sub merged with and into LNHC, with LNHC as the surviving company in the merger and, after giving
effect to such merger, continuing as a wholly-owned subsidiary of the Company and (ii) the Company’s name was changed from
Channel Therapeutics Corporation to Pelthos Therapeutics Inc.

The Company has launched
and is focused on the commercialization of ZELSUVMI and is continuing to build its sales, marketing and commercial team to detail
ZELSUVMI. The Company expects pediatricians, pediatric dermatologists, dermatologists and infectious disease specialists will be
the target prescribers.

Overview

On September 27, 2023,
Ligand acquired certain assets of Novan. This transaction (“Novan Acquisition”) was accounted for as a business combination.
Novan was a medical dermatology company focused on developing and commercializing innovative therapeutic products for skin diseases.
Through its NITRICIL technology platform, Novan had concentrated on developing SB206 (berdazimer gel, 10.3%) as a topical prescription
gel for the treatment of viral skin infections, with a focus on molluscum contagiosum.

In January 2023, Novan
submitted a New Drug Application to the FDA for berdazimer gel, 10.3% as a topical treatment for molluscum contagiosum which was
subsequently approved by the FDA on January 5, 2024, and is commercially known as ZELSUVMI.

As of the effective date of the Novan Acquisition, all assets and liabilities acquired by Ligand in the Novan Acquisition were held by LNHC, which is a