SAN DIEGO and AUSTIN, Texas, April
10, 2017 /PRNewswire/ -- Mast Therapeutics,
Inc. (NYSE MKT: MSTX) and Savara Inc., a
privately-held, clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel
therapies for the treatment of serious or life-threatening rare respiratory diseases, announced today that, pending completion of
their proposed merger, the combined company's common stock has been approved for listing on the Nasdaq Capital Market under the
symbol "SVRA." Trading on the Nasdaq Capital Market is expected to commence on the first business day after completion of
the merger. Mast's common stock is expected to continue to trade on the NYSE MKT until completion of the merger. Mast
has provided notification to the NYSE MKT of its intent to voluntarily withdraw its common stock from listing and trading on NYSE
MKT in connection with the completion of the merger and the move to Nasdaq.
"As home to many innovative and growth-oriented life science companies, Nasdaq is a natural fit for Savara," said Rob Neville, Chief Executive Officer of Savara. "We believe the move to Nasdaq will provide strong
visibility for our stock, good trading liquidity in our shares, and provide the company with greater exposure to institutional
investors."
Mast will hold a special meeting of its stockholders to vote on matters related to the proposed merger with Savara on
April 21, 2017 at 9:00 a.m. Pacific Time. Mast's stockholders
of record as of the close of business on March 13, 2017 are entitled to receive notice of, and to
vote at, the special meeting. The merger is expected to close promptly after the Mast special meeting, subject to the
approval of the Mast stockholders and the satisfaction or waiver of the other closing conditions in the merger agreement between
the companies.
The merger has been unanimously approved by the boards of directors of both companies and Mast urges its stockholders to vote
"FOR" the merger and the other proposals set forth in the proxy statement/prospectus/ information statement
dated March 15, 2017, a copy of which has been provided to Mast stockholders of record as of
March 13, 2017. Not voting is the same as voting against the transaction. Given
that Mast stockholder approval must exceed 50% of Mast's outstanding common stock as of the record date, every vote in favor of
each proposal is extremely important no matter how many or how few shares you own. Please vote TODAY!
THE MERGER WILL NOT GO FORWARD UNLESS
THE MERGER, REVERSE STOCK SPLIT AND NAME CHANGE PROPOSALS
ARE ALL APPROVED.
If you are a Mast stockholder and you have questions or require assistance in submitting your proxy or voting your shares,
please contact Mast's proxy solicitor:
ADVANTAGE PROXY, INC.
Toll Free: 1-877-870-8565
Collect: 1-206-870-8565
Email: ksmith@advantageproxy.com
About Mast Therapeutics
Mast Therapeutics, Inc. is a publicly traded biopharmaceutical company headquartered in San Diego,
California. Mast's lead product candidate, AIR001, is a sodium nitrite solution for intermittent inhalation via
nebulization in Phase 2 clinical development for the treatment of heart failure with preserved ejection fraction (HFpEF).
More information can be found on Mast's web site at www.masttherapeutics.com. Mast Therapeutics™ and the corporate logo are trademarks of Mast Therapeutics,
Inc.
About Savara
Savara Inc. is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel
therapies for the treatment of serious or life-threatening rare respiratory diseases. Savara's pipeline comprises AeroVanc, a
Phase 3 ready inhaled vancomycin, and Molgradex, a Phase 2/3 stage inhaled granulocyte-macrophage colony-stimulating factor, or
GM-CSF. Savara's strategy involves expanding its pipeline of best-in-class products through indication expansion, strategic
development partnerships and product acquisitions, with the goal of becoming a leading company in its field. Savara's management
team has significant experience in orphan drug development and pulmonary medicine, in identifying unmet needs, creating and
acquiring new product candidates, and effectively advancing them to approvals and commercialization. More information can be
found at www.savarapharma.com .
Additional Information about the Proposed Merger and Where to Find It
In connection with the proposed merger, Mast Therapeutics has filed relevant materials with the Securities and Exchange
Commission, or the SEC, including a registration statement on Form S-4 that contains a proxy statement, prospectus and
information statement. The registration statement was declared effective by the SEC on March 15, 2017. The proxy
statement/prospectus/information statement and other relevant materials, and any other documents filed by Mast with the SEC, may
be obtained free of charge at the SEC web site at www.sec.gov . In addition, investors and security holders may obtain free copies of the documents filed
with the SEC by Mast by directing a written request to: Mast Therapeutics, Inc. 3611 Valley Centre Drive, Suite 500, San Diego, California 92130, Attn: Investor Relations. Investors and security holders of Mast and Savara are
urged to read the proxy statement/prospectus/information statement and other relevant materials before making any voting or
investment decision with respect to the proposed merger.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of
securities in connection with the proposed merger shall be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Mast and its directors and executive officers and Savara and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders of Mast and Savara in connection with the proposed transaction.
Information regarding the special interests of these directors and executive officers in the proposed merger is included in the
proxy statement/prospectus/information statement referred to above. Additional information regarding the directors and executive
officers of Mast is also included in Mast's Annual Report on Form 10-K for the year ended December 31,
2016, which was filed with the SEC on March 6, 2017. These documents are available free of
charge at the SEC web site (www.sec.gov) and from Investor Relations at Mast at
the address described above.
Forward Looking Statements
Mast and Savara caution you that statements in this press release that are not a description of historical fact are
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan,"
"anticipate," "believe," and "will," among others. Such statements include, but are not limited to, statements regarding the
structure, timing and completion of the proposed merger; expectations regarding listing and trading of Mast's common stock on the
NYSE MKT and of the combined organization's common stock on the Nasdaq Capital Market; the capitalization, resources, ownership
structure of the combined organization; the nature, strategy and focus of the combined organization; the safety, efficacy and
projected development timeline and commercial potential of any product candidates; the executive officer and board structure of
the combined organization; and the expectations regarding voting by Mast stockholders. Mast and/or Savara may not actually
achieve the proposed merger, or any plans or product development goals in a timely manner, if at all, or otherwise carry out the
intentions or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue
reliance on these forward-looking statements. Because such statements are subject to risks and uncertainties, actual results may
differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based
upon Mast's and Savara's current expectations and involve assumptions that may never materialize or may prove to be incorrect.
Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a
result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with stockholder
approval of and the ability to consummate the proposed merger through the process being conducted by Mast and Savara, the ability
to project future cash utilization and reserves needed for contingent future liabilities and business operations, the
availability of sufficient resources for combined company operations and to conduct or continue planned clinical development
programs, the timing and ability of Mast or Savara to raise additional equity capital to fund continued operations; the ability
to successfully develop any of Mast's and/or Savara's product candidates, and the risks associated with the process of
developing, obtaining regulatory approval for and commercializing drug candidates that are safe and effective for use as human
therapeutics. Risks and uncertainties facing Mast, Savara and the combined organization and risks related to the proposed merger
are described more fully in the proxy statement/prospectus/information statement referred to above. You are cautioned not to
place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Neither Mast nor
Savara undertakes any obligation to update such statements to reflect events that occur or circumstances that exist after the
date on which they were made, except as may be required by law.
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SOURCE Mast Therapeutics, Inc.