JUPITER, Fla. and FREEHOLD, N.J., April 17, 2025 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated ("Ligand") (Nasdaq: LGND) and Channel Therapeutics Corporation ("Channel") (NYSE American: CHRO), a pioneer in the development of non-opioid pain treatment therapeutics, today announced the signing of a definitive merger agreement to combine Ligand's wholly owned subsidiaries, Pelthos Therapeutics Inc. and LNHC, Inc. (collectively"Pelthos") with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel. The merger will be supported by $50 million in capital raised from a group of strategic investors led by Murchinson ("Investor Group"). Upon completion of the transaction, the combined company will operate under the name Pelthos Therapeutics Inc. and trade on the NYSE American exchange under the ticker PTHS.