Seneca Biopharma, Inc. (SNCA) relating to its proposed merger with Leading BioSciences, Inc. (“LBS”). Under the terms of the merger agreement, LBS shareholders will be issued Seneca common stock and Seneca shareholders will receive one contingent value right as a dividend for each share they own. Seneca shareholders will only control 26.2% of the combined company, with LBS owning a majority stake.