Alliqua Biomedical Inc., of Langhorne, Pa., plans to spin off its subsidiary, Aquamed Technologies Inc., and merge it with TO Pharmaceuticals LLC, of Langhorne, Pa., to create a new public company called TO Pharma. After closing TO Pharmaceuticals, shareholders will hold a majority interest in TO pharma, which plans to list on Nasdaq. The transaction is expected to close by the first quarter of 2019.