The combined company will have pro forma enterprise value of ~$334M, gross cash proceeds of ~$316M, $276M in Iris’ trust account & concurrent, $15M in equity PIPE financing at $10.00/share, and $25M convertible note financing with an initial conversion rate of $11.50/share of common stock. The transaction is expected to close in H1’23
The new company will develop 3 cancer treatments (originated from Thomas Jefferson University) in the US & from Innobation in South Korea. The P-II trials for the GCC vaccine are currently being conducted to elicit immune responses against GCC-expressing colorectal, pancreatic, gastric & esophageal cancers
The combined company will rename “Liminatus Pharma, Inc” & its common stock will list on the Nasdaq Capital Market
Ref: Businesswire | Image: Iris
