BiomX Agrees to Merge with Adaptive Phage Therapeutics and Concurrent $50 M Financing

March 6, 2024

DENVER, Colo., Mar 06, 2024 (247marketnews.com)- BiomX Inc. (NYSE:PHGE) stated, this morning, that it agreed to merge with Adaptive Phage Therapeutics, Inc. (“APT”), a privately-held, clinical-stage biotechnology company that’s based in the U.S. and is pioneering the development of phage-based therapies to combat bacterial infections.

PHGE is trading at $0.48 +0.2489 (+107.70%), on 7.1M shares.

Its 52-week range is $0.1866 to $0.65 and this morning’s premarket high exceeded that, at $0.66.

BiomX will own approximately 55% of the merged companies and the former stockholders of APT will own approximately 45% of the consolidated entity of BiomX and APT, and the acquisition is expected to close within the next 30 days.

BiomX also entered into a placement for the sale of shares of newly created non-voting convertible preferred stock and warrants that is expected to result in gross proceeds to BiomX of $50 million before deducting placement agent and other offering expenses.

“BiomX’s acquisition of APT will create a leading phage company with diverse technologies and an advanced clinical pipeline,” said Jonathan Leff, Partner and Chairman of the Deerfield Institute at Deerfield Management. “With important data readouts for two programs expected in 2025, the funding from this transaction is designed to provide multiple opportunities to create stockholder value by reaching critical inflection points in each program’s clinical development.”

“Today’s announcement sends a clear vote of confidence from leading biotechnology investors who led this transaction that phage technology holds significant potential to treat serious infections with significant unmet need and limited treatment options,” said Jonathan Solomon, Chief Executive Officer of BiomX. “In the case of CF, BX004 has the potential to improve lung function in patients with chronic and potentially deadly pulmonary infections.”

“APT’s phage therapy for DFO holds the potential to prevent amputations associated with intractable infections that have penetrated into the bone in patients with diabetic foot ulcers,” said Greg Merril, Founder and Board Director of APT. “With the combined intellectual and financial resources coming from this acquisition, we now have a clear line of sight towards applying this ground-breaking technology to reach multiple data readouts in CF and DFO over the next 12-24 months.”

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