“This merger will provide us with substantial additional financial resources that will support our upcoming clinical trials, speed up our preclinical research and help expand our manufacturing capabilities.” “Having our existing investors participate in this financing, along with additional life science funds who have not previously invested in BiomX, demonstrates their confidence in our approach of using both natural and engineered phage cocktails to eradicate harmful bacteria in chronic diseases and conditions,” said Jonathan Solomon, Chief Executive Officer of BiomX. We are excited to make use of inherent features of the SPAC in combination with the fundamental qualities of BiomX and supportive shareholders for the benefit of all of our partners.” We are excited to make use of inherent features of the SPAC in combination with the fundamental qualities of BiomX and supportive shareholders for the benefit of all of our partners.” George Kaufman, CFO and Head of Strategy at CHAC, noted, “We believe we have structured a transaction that delivers value to all stakeholders and creates opportunity for new investors. We also believe we have structured a transaction that will deliver value to all stakeholders and create opportunity for new investors. We believe this transaction leaves BiomX with a strong balance sheet and sufficient cash for the company to reach multiple value inflection points in its leading clinical programs. “BiomX has all those qualities, along with an experienced management team ready to take the reins of a public company. “We created CHAC to partner with an innovative biotechnology company that would benefit from a public listing, could use our cash resources to implement groundbreaking clinical work, and whose products and technology could lead to significant growth and drive long-term returns for our shareholders,” said Jonas Grossman, CHAC’s President and Chief Executive Officer. The combined company will continue to be led by BiomX’s experienced management team headed by Chief Executive Officer Jonathan Solomon. BiomX’s product for acne-prone skin is anticipated to begin clinical testing by the end of 2019. The company’s pipeline includes preclinical candidates for acne-prone skin, inflammatory bowel disease (IBD), primary sclerosing cholangitis (PSC), and colorectal cancer (CRC). BiomX is developing customized phage-based products designed to improve the appearance of acne-prone skin and eradicate harmful bacteria in chronic diseases. Proceeds from the transaction will provide BiomX with substantial growth capital and the flexibility of a public listing to further accelerate BiomX’s expansion as a leading microbiome product discovery company. (JJDC), Takeda Ventures, Inc., Seventure Partners’ Health for Life Capital I, SBI Japan-Israel Innovation Fund, as well as RM Global Partners (RMGP) BioPharma Investment Fund - so that the $50 million minimum closing condition for the transaction has been satisfied prior to today’s announcement. Upon closing of the transaction, it is expected that CHAC will be renamed BiomX and remain on the NYSE American Stock Exchange, listed under a new ticker symbol.ĬHAC has entered into a mix of commitments including purchase and sale, backstop, and voting agreements with BiomX and with investors - including OrbiMed, RTW Investment, Johnson & Johnson Innovation – JJDC, Inc. (“BiomX”), a microbiome company developing both natural and engineered phage therapies.Īssuming no redemption of CHAC shareholders, the combined company will have an initial market capitalization of approximately $254 million. (NYSE: CHAC, “CHAC”), a special purpose acquisition company (“SPAC”) sponsored by affiliates of Chardan Capital Markets LLC (“Chardan”), announced today that it has entered into a definitive agreement for a business combination with BiomX Ltd.
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