Enilvex Therapeutics, an Israel-based immunotherapy developer backed by medical provider Hadassah University Hospital, is set to undertake a reverse merger of biotechnology firm Bioblast Pharma.
Upon closure of the transaction, Bioblast will rename to Enilvex Therapeutics and its ticker symbol on Nasdaq will be adapted from the current ORPN. The deal is expected to close in the first quarter of 2019.
Enlivex Therapeutics is working on immunotherapies for life-threatening immune and inflammatory conditions with an unmet medical need, such as complications associated with bone-marrow transplants and sepsis, and for solid tumours.
Bioblast is negotiating the sale of licensing of its lead drug candidate, trehalose, which is in phase 2 development for patients living with rare genetic muscle disorder oculopharyngeal muscular dystrophy or spinocerebellar ataxia type 3, which causes progressive problems with movement.
Following the merger, the current Enlivex board of directors and executive team will serve in the same functions of the combined company. Enlivex’s shareholders will own approximately 96% in the combined business, while Bioblast’s shareholders will own the remaining 4%.
Enlivex previously secured $10m from investors including Hadasit Bio-Holdings, which invests in technologies developed at Hadassah University Hospital, and investment fund KIP in April this year.
KIP had already led an $8m funding round for Enlivex in September 2017 also with participation from Hadasit Bio-Holdings.
