After scrapping preliminary SPAC deal, Longevity Biomedical goals to checklist on Nasdaq in This fall by means of enterprise mixture settlement with FutureTech.
US biotech Longevity Biomedical and particular objective acquisition firm FutureTech II Acquisition Corp. have introduced a enterprise mixture settlement supposed to ascertain the longevity biopharma as a Nasdaq-listed firm. The announcement comes after Longevity Bio’s initial plans to go public by way of a SPAC merger with Denali Capital Acquisition Corp fell by means of this summer time.
A SPAC is a publicly traded firm created to amass or merge with an present firm, and the brand new proposed merger with FutureTech, a Delaware-based blank-check firm, units the stage for the mixed entity to function underneath the ticker image LBIO, with the deal anticipated to shut in This fall 2024. The deal is predicted to yield money proceeds of $26.8 million, held in belief, to fund Longevity Bio’s medical improvement, and the corporate has additionally indicated the potential for a pre-transaction non-public funding in public fairness (PIPE) financing to additional help its development plans.
Headquartered in Bothell, Washington, Longevity Bio focuses on buying and growing new therapeutic applied sciences aimed toward selling human well being and longevity. The corporate says it has constructed a diversified, late-stage pipeline of remedies focusing on age-related situations in ophthalmology, heart problems, and smooth tissue reconstruction, because it seeks to bettering the healthspan of growing old populations.
“This enterprise mixture will present the platform to advance cutting-edge applied sciences spanning a number of areas of unmet medical want for the growing old inhabitants,” mentioned Bradford A. Zakes, CEO of Longevity Biomedical. “The proceeds from this transaction will permit Longevity to succeed in important medical improvement milestones for our main applied sciences which have demonstrated profitable leads to medical research.”
Longevity Bio has a pipeline of clinical-stage therapeutic candidates, together with LBI-201 – a non-invasive ultrasonic gadget designed to deal with ischemic stroke by enhancing blood move restoration in sufferers with massive vessel occlusions. The gadget operates together with thrombolytic drug remedy, providing a possible breakthrough for stroke sufferers who lack fast entry to specialised thrombectomy amenities.
As well as, LBI-001, an intravenous microsphere remedy paired with ultrasound, is aimed toward treating retinal vein occlusion (RVO), a number one explanation for retinal blindness. This firm’s strategy seeks to revive blood move in occluded retinal veins, addressing the foundation explanation for RVO fairly than merely managing signs.
Lastly, LBI-101, an injectable off-the-shelf biomaterial derived from adipose tissue, is being developed for smooth tissue reconstruction. This product is designed to supply long-term restore and regeneration of tissue, providing an alternative choice to present artificial or autologous fats grafting procedures.
Following promising early-stage medical research, Longevity Bio plans to provoke a Part 3 research for LBI-201 in ischemic stroke, launch its Part 2 knowledge for LBI-101 in smooth tissue reconstruction, and begin a Part 2 trial for LBI-001 in retinal vein occlusion.
