BiomX Inc. (AMEX:PHGE) shares are trading higher Wednesday after the company announced it has entered into a definitive merger agreement with Adaptive Phage Therapeutics, Inc.
The Details:
The acquisition is expected to close within the next 30 days, subject to the satisfaction of the closing conditions. Concurrently with entering into the definitive merger agreement, BiomX entered into a definitive purchase agreement for the sale of shares of newly created non-voting convertible preferred stock and warrants expected to result in gross proceeds to BiomX of $50 million.
BiomX will use the proceeds from the private placement to provide funding through the results from a planned Phase 2b trial that will evaluate BiomX’s lead product candidate, BX004 and Phase 2 results from APT’s clinical-stage product candidate, now named BX211.
“Today’s announcement sends a clear vote of confidence from leading biotechnology investors who led this transaction that phage technology holds ...