POINT Biopharma Inc. (“POINT”), a company accelerating the
discovery, development and global access to radiopharmaceuticals,
today announced the completion of its business combination with
Therapeutics Acquisition Corp., d/b/a Research Alliance Corp. I
(Nasdaq: RACA) (“RACA”), a special purpose acquisition company
(“SPAC”), sponsored by RA Capital Management. POINT Biopharma
Global Inc. (“New POINT”), the resulting combined company, will
commence trading shares of its common stock on the Nasdaq Capital
Market (the “NASDAQ”) under the ticker symbol “PNT” on July 1,
2021.
The shareholders of RACA approved the
transaction at a special meeting held on June 29, 2021. The
transaction was previously approved by POINT’s shareholders. New
POINT’s management team will be led by Chief Executive Officer Joe
McCann, who previously served as POINT’s Chief Executive
Officer.
“We are excited to be entering the public
markets at a time when innovative radiopharmaceuticals have gained
so much momentum and are being recognized as potential options for
many types of cancer, including large indications such as prostate
cancer. Looking ahead, we are working diligently to complete our
two Phase 3 studies in prostate and neuroendocrine cancers, qualify
of our manufacturing facility in Indiana, continue to build a
robust radioisotope supply chain and advance our pipeline of
therapeutic pre-clinical programs, including our Fibroblast
Activation Protein-α, towards the clinic, in combination with alpha
and beta emitting radioisotopes” said Dr. Joe McCann. “We want to
thank our entire team, our new and existing shareholders, and all
those involved in making this transaction a success. We look
forward to bringing the next-generation of precision oncology
medicines to patients.”
"To date, POINT has demonstrated their deep
expertise in advancing a pipeline of novel radio-pharmaceuticals to
improve current standard of care for patients with little or no
therapeutic options,” said Peter Kolchinsky, Chief Executive
Officer of RACA and Managing Partner at RA Capital Management. “We
believe that the Company now has the capital resources required to
advance their late stage radioligand therapies towards
commercialization and continue to develop their early stage
pipeline, both of which have the potential to meaningfully improve
the prognosis and quality of life of patients.”
Summary of Transaction
On March 15, 2021, POINT entered into a
definitive business combination agreement with RACA, a SPAC,
sponsored by RA Capital Management, that was created for the
purpose of entering into a business combination with a selected
biopharmaceutical company and bringing the combined entity to the
NASDAQ.
As a result of the business combination, New
POINT received gross proceeds of approximately $286.7 million,
which included $165 million from a fully-committed PIPE led by RA
Capital Management and top-tier U.S. healthcare investors including
Johnson & Johnson Innovation – JJDC, Inc., Surveyor Capital (a
Citadel company), Farallon Capital Management, L.L.C., BVF Partners
L.P., Boxer Capital, Sphera Healthcare, Woodline Partners LP,
Suvretta Capital, Fairmount Funds, and Perceptive Advisors.
The description of the business combination
contained herein is only a high-level summary and is qualified in
its entirety by reference to the underlying documents filed with
the U.S. Securities and Exchange Commission (the “SEC”). A more
detailed description of the terms of the transaction has been
provided in RACA’s definitive proxy statement filed with the SEC on
June 9, 2021.
Advisors
Perella Weinberg Partners LP acted as lead
financial and capital markets advisor to POINT. Cowen and Company,
LLC and Piper Sandler also acted as capital markets advisors to
POINT. Jefferies LLC acted as lead financial and capital markets
advisor to RACA. Bass, Berry & Sims PLC acted as lead legal
counsel to POINT. Goodwin Procter LLP acted as lead legal counsel
to RACA.
About POINT Biopharma Global
Inc.POINT Biopharma Global Inc. is a globally focused
radiopharmaceutical company building a platform for the clinical
development and commercialization of radioligands that fight
cancer. POINT Biopharma Global Inc. is combining a portfolio of
best-in-class radiopharmaceutical assets, a seasoned management
team, expertise in radioisotopes such as Actinium-225 (Ac-225) and
Lutetium-177 (Lu-177), manufacturing technology and novel
direct-to-patient targeting to revolutionize theragnostic drug
development and radioligand commercialization. Learn more about
POINT Biopharma Global Inc. at https://www.pointbiopharma.com.
Information about POINT Biopharma Global Inc.’s Phase 3 SPLASH
trial for metastatic castrate resistant prostate cancer (mCRPC)
patients can be found at https;//www.splashtrial.com .
Forward Looking Statements This
press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by the following words: “may,” “will,”
“could,” “would,” “should,” “expect,” “intend,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “project,”
“potential,” “continue,” “ongoing” or the negative of these terms
or other comparable terminology, although not all forward-looking
statements contain these words. These statements involve risks,
uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to be materially
different from the information expressed or implied by these
forward-looking statements. Although we believe that we have a
reasonable basis for each forward-looking statement contained in
this press release, we caution you that these statements are based
on a combination of facts and factors currently known by us and our
projections of the future, about which we cannot be
certain. Forward-looking statements in this press release
include, but are not limited to, statements regarding the benefits
of the recently completed business combination, as well as
statements about the potential attributes and benefits of New
POINT’s product candidates and the format and timing
of New POINT’s product development activities and
clinical trials. We cannot assure you that the forward-looking
statements in this press release will prove to be
accurate. These forward-looking statements are subject to a
number of significant risks and uncertainties that could cause
actual results to differ materially from expected results,
including, among others, the outcome of any legal proceedings that
may be instituted against New POINT following the closing of the
business combination, the risk that the business combination
disrupts current plans and operations, the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of New
POINT to grow and manage growth profitably and retain its key
employees, the impact of COVID-19 on New
POINT’s business, the ability to maintain the listing of New
POINT’s common stock on the NASDAQ, changes in applicable laws or
regulations, the possibility that New POINT may be adversely
affected by other economic, business, and/or competitive factors,
and other risks and uncertainties, including those described in
RACA’s definitive proxy statement filed with the SEC on June 9,
2021. Most of these factors are outside of
New POINT’s control and are difficult to
predict. Furthermore, if the forward-looking statements prove
to be inaccurate, the inaccuracy may be material. In light of the
significant uncertainties in these forward-looking statements, you
should not regard these statements as a representation or warranty
by us or any other person that we will achieve our objectives and
plans in any specified time frame, or at all. The forward-looking
statements in this press release represent our views as of the date
of this press release. We anticipate that subsequent events and
developments will cause our views to change. However, while we may
elect to update these forward-looking statements at some point in
the future, we have no current intention of doing so except to the
extent required by applicable law. You should, therefore, not rely
on these forward-looking statements as representing our views as of
any date subsequent to the date of this press
release.Company Contact:Ari ShomairVP, Corporate
Affairsmedia@pointbiopharma.com (647) 812-2417
Investor Relations Contact:Alex
LoboStern Investor Relationsinvestors@pointbiopharma.com
30922973.2
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