CAMBRIDGE, Mass. and NESS ZIONA, Israel - BiomX (NYSE:PHGE) Inc. (NYSE American: PHGE), a clinical-stage biotechnology firm, has announced a definitive merger agreement with Adaptive Phage Therapeutics, Inc. (APT), a U.S.-based company focusing on phage-based therapies. The merger aims to form a leading phage therapy entity with two Phase 2 assets, BX004 and BX211, targeting chronic pulmonary infections in cystic fibrosis (CF) patients and diabetic foot osteomyelitis (DFO), respectively.
The transaction, which is expected to close within the next 30 days, will result in BiomX stockholders owning approximately 55% and APT stockholders about 45% of the combined company. BiomX has also secured a $50 million private placement financing led by affiliates of Deerfield Management Company and the AMR Action Fund, with additional investors including the Cystic Fibrosis Foundation, OrbiMed, and Nantahala Capital. The funds are intended to advance the two lead product candidates through Phase 2 clinical readouts in 2025.
BX004 has shown promise in improving lung function in CF patients with chronic pulmonary infections caused by Pseudomonas aeruginosa, with a Phase 2b trial expected to start in the fourth quarter of 2024. BX211, developed by APT, is a personalized phage treatment for DFO associated with Staphylococcus aureus infections, with initial study results anticipated in the first quarter of 2025.
The management team of BiomX will continue to lead the company post-merger, with Michael Billard from APT joining as General Manager, U.S. The board of directors will include members from both companies.
The merger agreement includes the exchange of all outstanding equity interests of APT for BiomX common stock, Series X Preferred Stock, and warrants. The closing of the merger is contingent on various conditions, including the successful completion of the private placement.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and will be subject to a registration statement for resale. This press release is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy BiomX securities.
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