Lōkahi goes public through Glucotrack merger, controls combined company with 90% stake

California-based Lōkahi Therapeutics has [completed its strategic business combination](https://www.globenewswire.com/news-release/2026/07/14/3327361/0/en/Glucotrack-and-L%C5%8Dkahi-Therapeutics-Complete-Strategic-Business-Combination-Establishing-L%C5%8Dkahi-Controlled-Public-Platform.html) with Rutherford, New Jersey-based Glucotrack, Inc. (Nasdaq: GCTK), establishing a Nasdaq-listed platform through which the La Jolla, California-based biopharmaceutical company will operate as the controlling entity of the combined organization. The transaction positions Lōkahi to deploy its ai²-driven asset sourcing and advancement platform within a capital-efficient public market structure, while preserving Glucotrack's legacy continuous blood glucose monitoring (CBGM) technology within a dedicated subsidiary. Financial terms were not disclosed. Under the deal structure, Lōkahi securityholders received a combination of Glucotrack common stock and convertible preferred stock at closing. Upon receipt of required stockholder approvals and satisfaction of applicable Nasdaq listing requirements, the preferred stock is expected to convert into common equity, resulting in Lōkahi securityholders holding approximately 90% of the combined company on a fully diluted basis, subject to transaction-related financing and customary adjustments. A planned private placement financing is intended to strengthen the combined company's capital position and support near-term execution, with a designated portion of proceeds earmarked for the CBGM subsidiary. The size and pricing of the private placement were not disclosed. Lōkahi describes its operating model as a dual-engine structure. The first engine is a late-stage clinical development program anchored by [LT-100 (Apitox)](https://app.allsci.com/drugs/ASC-DR-0000000012374-1.0-1772718717), a purified honeybee venom biologic being developed for osteoarthritis knee pain in partnership with Apimeds Pharmaceuticals US, Inc. (NYSE American: APUS). The program is advancing toward a US Phase III trial; in February 2026, [Lōkahi and Apimeds announced](https://app.allsci.com/news/ASC-NR-0000003858421-1.0-1782914439) that the US FDA had confirmed a Type C meeting to discuss the regulatory development pathway for LT-100, which is approved for marketing in South Korea. The second engine is the proprietary ai² platform — described by the company as integrating actual intelligence and artificial intelligence — which is intended to systematically identify, evaluate, and advance overlooked or undervalued therapeutic assets. Lōkahi's ai² platform represents a relatively uncommon strategy in biotechnology, focusing on AI-assisted identification and advancement of overlooked or undervalued therapeutic assets rather than de novo drug discovery. Glucotrack's CBGM technology, which measures blood glucose directly from blood rather than interstitial fluid and is designed for three-year implant longevity without an on-body wearable, will operate as a wholly owned subsidiary of the combined company with a separately maintained capital structure. Prior to the combination closing, Glucotrack [submitted its Investigational Device Exemption](https://app.allsci.com/news/ASC-NR-0000002352581-1.0-1778173564) to the US FDA in May 2026 to initiate a US clinical study of the CBGM system, following first-in-human data reporting a 7.7% mean absolute relative difference and a 99% data capture rate with no serious adverse events. The CBGM program awaits FDA IDE approval before initiating its US pivotal study. The transaction is structurally comparable to a pattern of private biotechs using small-cap Nasdaq shells to achieve public listings without a traditional IPO. In a similar deal, [Avenzo gained a Nasdaq listing via reverse merger with Rallybio](https://allsci.com/news/funding/venture-financing/avenzo-to-gain-nasdaq-listing-via-reverse-merger-with-rallybio-alongside-usd-215m-fund-raise/) alongside a USD 215 million fundraise, with the private company's management assuming operational control — a structure directly analogous to Lōkahi's use of Glucotrack's public platform. For Lōkahi, the listing provides access to public capital markets to support a repeatable asset-acquisition strategy, with the CBGM subsidiary offering an optionality component that could generate independent value if the US clinical program advances. Erik Emerson has been appointed Chief Executive Officer of the combined company. Paul Goode will serve as Chief Technical Officer of the combined entity and Chief Executive Officer of the CBGM subsidiary, providing continuity for the device program's regulatory and clinical execution. *** This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: [https://allsci.com/news/](https://allsci.com/news/) --- Spot something wrong? [Report an issue with this article](https://newsgen-prod.reframedata.com/feedback/lokahi-glucotrack-merger-goes-public-through)