Denali Capital Acquisition Corp and Scilex Holding’s Semnur Pharmaceuticals Sign LOI for Proposed Business Combination

DENVER, Colo., Jul 03, 2024 (247marketnews.com)- Denali Capital Acquisition Corp. (Nasdaq:DECA), a Cayman Islands registered special purpose acquisition company and Semnur Pharmaceuticals, Inc., a clinical-late stage specialty pharmaceutical company and wholly owned subsidiary of Scilex Holding Company (Nasdaq:SCLX), are forming a proposed business combination with a pre-transaction equity value for Semnur up to $2.0 billion, subject to adjustment based on third-party fairness opinion, with expected gross proceeds of up to $40 million depending on the number of SPAC shares that are redeemed prior to the completion of the business combination.

Jaisim Shah, CEO and President of Scilex, stated, “This is an important milestone in our path towards unlocking the value of SP-102 (SEMDEXA™), a treatment for lumbar radicular pain or sciatica, that we have been passionately working on over the years. I want to take a moment to thank our team for their incredible work and our established track record with collaborations and execution of the comprehensive development program to date. We look forward to closing the proposed business combination as soon as reasonably practicable and look forward to collaborating with the Denali team in this exciting next chapter.”

“Semnur has a strong management team with deep scientific and operational experience in neurology and pain management and an exciting late-stage asset in SP-102 (SEMDEXA™), which has already shown significant clinical benefit in high unmet need area of lumbar radicular pain or sciatica where no products are approved for treatment to date. We are excited about the potential for SP-102 (SEMDEXA™) which has been granted Fast Track Status from the FDA impacting diseases such as Sciatica, Chronic Neck Pain, Lumbar Spinal Stenosis, and Spondylolisthesis. The talented team has done a tremendous job of creating value in a timely and capital efficient manner and we look forward to working together with them to advance their promising product to the next level”, commented Lei Huang, CEO of Denali Capital Acquisition Corp.

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