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Natural Killer Cell Therapy Focused-Cytovia Turns To SPAC Merger For Public Market Debut

·1 min read
  • 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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