Blade Therapeutics Reverse Merges with SPAC to Become Public Company
May 10, 2022
Blade Therapeutics is going public through a merger with Biotech Acquisition Company, or BAC, a publicly traded special purpose acquisition company affiliated with SPRIM Global Investments, with the combined entity to be named Blade Biotherapeutics and trade on the Nasdaq Global Market under the ticker symbol “BBTX” and BBTXW.”
A PIPE financing in connection with the business combination is being provided by leading institutional investors, including Deerfield Management, Pfizer Ventures, Bristol Myers Squibb, MPM Capital and Osage University Partners.
As part of the business combination, BAC has entered into a committed equity facility with an affiliate of Cantor Fitzgerald under which Cantor may purchase up to an aggregate of $75 million of post-merger Blade Biotherapeutic’s common stock from time to time at the request of Blade Biotherapeutics, on the terms and subject to the conditions set forth in the documentation governing the committed equity facility. This committed equity facility will provide Blade Biotherapeutics with the ability to seek additional capital in the future.
“We believe that this facility, combined with our existing PIPE commitments, further strengthens our ability to implement planned clinical development of our differentiated pipeline of oral, small-molecule therapies for the potential treatment of fibrotic and neurodegenerative diseases,” said Wendye Robbins, president and CEO of Blade.
Blade Therapeutics is focused on developing cutting-edge treatments for debilitating, incurable fibrotic and neurodegenerative diseases. The company has deep expertise in novel biological pathways – including autotaxin / LPA and calpain biology – that are foundational to cell- and tissue-damage responses associated with fibrotic and neurodegenerative diseases. Blade expects to advance a differentiated pipeline of oral, small-molecule therapies that include a non-competitive autotaxin inhibitor and inhibitors of dimeric calpains designed for the potential treatment of lung, liver and cardiac fibrosis or neurodegenerative diseases.
Author: Rare Daily Staff
Sign up for updates straight to your inbox.