This excerpt taken from the TPTX 8-K filed Oct 5, 2009.
Details of the Proposed Raptor and TorreyPines Merger
On July 27, 2009, Raptor and TorreyPines entered into a definitive merger agreement. Immediately following completion of the merger, TorreyPines will change its name to Raptor Pharmaceutical Corp. and common stock in the combined company will trade on The NASDAQ Capital Market under the symbol RPTP. The merger of Raptor and TorreyPines would create a biopharmaceutical company with a pipeline of mid- to late-stage clinical development candidates and preclinical drug targeting platforms designed to improve drug delivery of existing therapeutics for orphan indications and underserved patient populations.
Under terms of the merger agreement, which were unanimously approved by the boards of directors of Raptor and TorreyPines, Raptor will be merged with and into a wholly-owned subsidiary of TorreyPines upon closing. TorreyPines will issue, and Raptor stockholders will receive, shares of TorreyPines common stock such that Raptor stockholders will own 95%, and TorreyPines stockholders will own 5%, of the combined company.