ALT5 Sigma (ALTS) said Wednesday it plans to separate into two independent public companies, one focused on fintech and the other on biotechnology.
The company said the fintech business will retain the ALT5 name, while the biotech arm will operate as Alyea Therapeutics, creating non-opioid pain management therapies.
The company's board has approved the split, ALT5 added.
ALT5 also said it has named The Ohio Pain Clinic's chairman and founder Amol Soin as the chief executive officer of Alyea Therapeutics.
Shares of ALT5 were up 3.3% in recent early Wednesday trading.
Price: 1.89, Change: +0.06, Percent Change: +3.28
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