Natural Killer Cell Therapy Focused-Cytovia Turns To SPAC Merger For Public Market Debut
- About 14 months after inking a natural killer cell deal with Cellectis SA (NASDAQ: CLLS), Cytovia plans to list on NASDAQ via a merger with the SPAC Isleworth Healthcare Acquisition Corp (NASDAQ: ISLE).
- The company went on to create a China joint venture. The biotech teamed up with China-based biotech investor TF Capital to form CytoLynx Therapeutics with $45 million in funding in September 2021.
- Related: Cytovia, Cellectis Expand Collaboration On Gene-Edited Cancer Platform In China.
- The blank-check deal gives Cytovia about $227 million in gross proceeds.
- The transaction would value the combined company at a pro forma equity value of $602 million.
- Isleworth will be renamed Cytovia Therapeutics Inc and start trading on NASDAQ under the ticker INKC.
- The deal will bankroll INDs and initiate Phase 1/2 trials for four assets: CYT-303, CYT-100, CYT-150, and CYT-503.
- Isleworth has also secured an additional $20 million for the deal from new investors.
- Concurrent with the business combination agreement, Cellectis received a $20 million convertible note in payment of the upfront collaboration consideration.
- Price Action: CLLS shares are up 1.89% at $3.77 during the market session on the last check Wednesday.
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