BiomX Inc. (NYSE American: PHGE) has finalized a merger agreement with Adaptive Phage Therapeutics, Inc., expecting completion within 30 days. Concurrently, BiomX secured $50 million in a private placement. Funds will support Phase 2 trials for BX004 and BX211, targeting bacterial infections. The merger retains BiomX management, with Michael Billard joining as General Manager, U.S. Dr. Russell Greig chairs the post-merger board.
BiomX Inc. (NYSE American: PHGE), a clinical-stage pioneer in natural and engineered phage therapies targeting specific pathogenic bacteria, has announced its definitive merger agreement with Adaptive Phage Therapeutics, Inc. (“APT”), a U.S.-based clinical-stage biotech advancing phage-based therapies against bacterial infections. This merger, subject to customary closing conditions, is expected to be finalized within the next 30 days.
Upon completion, BiomX stockholders will hold approximately 55% and APT stockholders about 45% of the combined entity. Concurrently, BiomX has entered into a definitive purchase agreement for a private placement, selling shares of newly created non-voting convertible preferred stock (“Series X Preferred Stock”) and warrants, raising $50 million in gross proceeds from institutional accredited investors.
These funds will support BiomX’s Phase 2b trial for BX004, targeting chronic pulmonary infections by Pseudomonas aeruginosa in CF patients, and APT’s Phase 2 clinical trial for BX211, addressing Staphylococcus aureus infections in DFO patients, with data readouts expected in 2025.
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Jonathan Leff from Deerfield Management expressed confidence in the transaction, emphasizing its potential to create shareholder value. BiomX CEO, Jonathan Solomon, highlighted BX004’s potential in improving lung function in CF patients. Greg Merril, APT’s Founder, highlighted the potential of their therapy in preventing amputations in diabetic foot ulcer patients.
Post-merger, BiomX will retain its management team, with Michael Billard joining as General Manager, U.S. The board will include Dr. Russell Greig as Chair, and members Dr. Jesse Goodman, Jonathan Leff, Dr. Alan Moses, Greg Merril, Eddie Williams, and Jonathan Solomon.