HIV-focused gene therapy company Addimmune to go public
Phase 1AcquisitionGene TherapyCell TherapyImmunotherapy
American Gene Technologies (AGT) announced it will spin off its Addimmune division as a publicly traded firm via a merger with special purpose acquisition company (SPAC) 10X Capital Venture Acquisition. AGT launched Addimmune in June with a view to having the unit continue its work of developing gene and cell therapies that can offer a functional cure for patients with HIV.
"We're at the forefront of gene therapy for HIV, working to transform the fear of a lifelong disease into hope for a single-administration, one-and-done cure," remarked AGT's chief executive Jeff Galvin, who will take on the role of CEO at Addimmune.
AGT began clinical trials in 2020 for the single-dose, lentiviral-based autologous cell therapy candidate AGT103-T, which is designed to deliver modified HIV-specific CD4 T cells to patients. "It makes gene modifications to the patients' [T cells] that harden those cells against HIV infection and depletion, thus allowing those cells to maintain a normal response to HIV instead of being 'killed' by the virus," the company explained.
Addimmune said it completed a Phase I trial for AGT103-T that demonstrated "positive" safety results in seven patients. That trial, along with another sponsor-initiated follow-on study, showed "active immune responses to HIV" up to six months after dosing, the company added. Last month, AGT said testing of AGT103-T had entered a critical phase – allowing participants to voluntarily withdraw from their antiretroviral drugs. Early results for the treatment motivated it to create a spinout focused on completing required clinical trials and pursuing eventual commercialisation, if approved.
The proposed SPAC merger deal represents a pre-money enterprise value of $500 million for Addimmune and includes an earnout of up to $300 million tied to various clinical and priced-based milestones. Existing Addimmune stockholders will roll 100% of their equity into equity of the combined company.
AGT and 10X Capital expect the merger to be completed in the first quarter of 2024. Prior to the combination, AGT's non-HIV assets will spin-off into an entity that will retain the American Gene Technologies name.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Indications
Targets
-Drugs
Chat with Hiro
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.