NEW YORK and NESS ZIONA,
Israel, Oct. 28, 2019 /PRNewswire/ -- Chardan Healthcare
Acquisition Corp. (NYSE: CHAC), a special purpose acquisition
company sponsored by affiliates of Chardan Capital Markets LLC
("Chardan"), announced today the closing of its merger with BiomX
Ltd. ("BiomX") a microbiome company developing both natural and
engineered phage therapies.
In connection with the consummation of the merger, the combined
company was renamed BiomX Inc. At closing, CHAC retained more than
$60 million in its trust account. The
shares of common stock, units, and warrants of the combined company
are expected to begin trading on the NYSE American stock exchange
on October 29, 2019 under the symbols
PHGE, PHGE.U, and PHGE.WS, respectively. The company will continue
trading under its current symbols today, October 28, 2019. BiomX's current management
team, led by its Chief Executive Officer, Jonathan Solomon, will continue to run the
combined company.
"We are excited to have closed our merger with BiomX and look
forward to working with the BiomX team and the company's first-rate
board to execute on the substantial opportunity that we believe the
company's microbiome technology and end markets present," said
Jonas Grossman, President of
CHAC. Gbola Amusa, M.D.,
Executive Chairman of CHAC, added "We are thrilled to partner with
BiomX ahead of the company's significant 2020 catalysts which, if
successful, could lead to a broader market understanding of phage
therapeutics as potentially disruptive and safe precision tools for
the eradication of specific harmful strains of bacteria that may be
causative for certain chronic conditions."
Existing BiomX shareholders and new investors supporting the
transaction include OrbiMed, RTW Investment, Johnson & Johnson
Innovation - JJDC, Inc. (JJDC), Takeda Ventures, Inc., Seventure
Partners' Health for Life Capital I, MiraeAssets, SBI Japan-Israel
Innovation Fund, and RM Global Partners (RMGP) BioPharma Investment
Fund.
"The financing raised through this transaction and the backing
of our existing and new investors will greatly support our
pre-clinical and clinical development as we advance toward our
upcoming milestones," said Jonathan
Solomon, BiomX's CEO. "Phage therapies have an enormous
potential to treat multiple chronic diseases, and we are proud to
be at the forefront of drug research and development in this
field."
Proceeds from the transaction will provide BiomX with growth
capital to support the company's pipeline, which includes
phage-based products for acne-prone skin, inflammatory bowel
disease (IBD), primary sclerosing cholangitis (PSC), and colorectal
cancer. BiomX's product for acne-prone skin has recently entered
clinical testing, and the company's IBD candidate is expected to
enter the clinic in 2020.
About the Merger
As announced on July 16, 2019, CHAC agreed to merge with BiomX, a
privately-held biotechnology company.
The description of the transaction contained herein is only a
summary and is qualified in its entirety by reference to the merger
agreement, a copy of which was filed by CHAC with the Securities
and Exchange Commission (SEC).
Advisers
Chardan acted as CHAC's M&A and capital
markets adviser. Cantor Fitzgerald acted as capital markets adviser
to BiomX. Loeb & Loeb LLP and Meitar Liquornik Geva Leshem Tal
represented CHAC. Goodwin Procter LLP, Mayer Brown LLP and
ZAG-S&W Zysman Aharoni Gayer & Co represented BiomX.
About BiomX
BiomX is a clinical stage microbiome
company developing both natural and engineered phage cocktails
designed to target and destroy bacteria that affect the appearance
of skin, as well as harmful bacteria in chronic diseases, such as
IBD, PSC, and cancer. BiomX discovers and validates proprietary
bacterial targets and customizes phage compositions against these
targets. See www.biomx.com. No portion of BiomX's website is
incorporated by reference into or otherwise deemed to be a part of
this press release.
About Chardan Healthcare Acquisition Corp.
CHAC was a
special purpose acquisition company formed for the purpose of
effecting a merger, acquisition, or similar business combination.
CHAC raised $70.0 million in
December 2018 for the purpose of
combining with a public or privately-held operating business. CHAC
was founded and sponsored by affiliates of Chardan Capital Markets
LLC. CHAC is Chardan's fifth publicly traded acquisition
vehicle.
Safe Harbor Language
This press release contains
certain "forward-looking statements" within the meaning of the
"safe harbor" provisions of the US Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as: "target," "believe," "expect," "will," "may,"
"anticipate," "estimate," "would," "positioned," "future," and
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
CHAC and BiomX managements' current beliefs, expectations and
assumptions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Actual results and outcomes may
differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause
actual results and outcomes to differ materially from those
indicated in the forward-looking statements include those under
"Risk Factors" found in CHAC's proxy statement on Schedule 14A
filed with the SEC by CHAC in connection with the business
combination.
CHAC contact:
Jonas
Grossman
Chief Executive Officer
Chardan Healthcare Acquisition Corp.
+1-212-920-9000
grossmanj@chardanspac.com
BiomX contact:
Assaf
Oron
Chief Business Officer
BiomX
+972-54-2228901
assafo@biomx.com
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SOURCE Chardan Healthcare Acquisition Corp.