NetworkNewsWire
Editorial Coverage: As the world has focused on the search for
COVID vaccines and therapeutics, biotech IPOs have quietly gone bonkers. As
a matter of fact, 2020 is on track to post the highest number of
biotech IPOs in over five years. Along the way, biotech companies
have managed to raise a lot of capital already this year. As
biotech demand has surged, so has the number of biotech-focused
SPACs (Special Purpose Acquisition Company). A SPAC is a company
that raises capital through an IPO with the sole intent of buying
or merging with another operating company. SPACs have evolved to
become an expedited and cost-effective way of doing an IPO and have
proved to be an attractive vehicle for biotech companies by
providing ready access to capital and much greater public
visibility. Many of these biotech SPACs are delivering outsized
returns, bolstering both investor confidence and demand.
Expectations are high to repeat previous biopharmaceutical success
at 180 Life Sciences Corp. (180
Profile), which is expected to merge before
year end with KBL Merger Corp.
IV (NASDAQ: KBLM). The company is founded and run by four
world-renowned scientists and entrepreneurs who developed the
blockbuster anti-inflammatory drug Remicade. They invested their
own money to start 180 Life Sciences, own the majority of the
equity and aren’t selling any in this transaction. Pharmaceutical
giant Eli
Lilly and Company (NYSE: LLY) recently announced that
its anti-inflammatory drug, Olumiant, used to treat rheumatoid
arthritis, may help shorten COVID-19 recovery time. Rebif, an
anti-inflammatory drug from Merck KGAA ADR
(OTC: MKKGY), is in phase 3 trials with Gilead
Sciences’ remdesivir for the treatment of hospitalized COVID-19
patients. Reata
Pharmaceuticals Inc. (NASDAQ: RETA) is a
clinical-stage biopharmaceutical company that develops novel
therapeutics for patients with serious or life-threatening diseases
by targeting molecular pathways involved in the regulation of
cellular metabolism and inflammation. Panacea
Acquisition Corp. (NYSE: PANA) is a special purpose
acquisition company formed by an affiliate of EcoR1 Capital, LLC.
While the company may pursue an initial business combination target
in any industry, it intends to focus its search for a target
business operating in the biotechnology sector. The search for
COVID-19 therapies and vaccines has led to heightened public and
investor interest in the inner workings of biotech. There’s good
reason to presume that will only intensify should biotech
innovation be the force that eventually puts the pandemic behind
us. Many other therapeutic breakthroughs along the way wouldn’t be
surprising.
- Biotech IPO market best in over five years.
- Many biotech SPACs coming to market during this surge.
- SPACs offer faster, easier way for companies to come
public.
- Expectations high for 180 Life Sciences to duplicate previous
success.
IPOs and SPACs Soar
The market for initial public offerings has come roaring back,
with tech and biotechnology IPOs leading the charge, which
coincided with the bounce back from the COVID sell off. Demand has
increased across the board, which has engendered a flurry of SPACs
this year. SPACs have gained favor because the traditional IPO
process is inherently costly, cumbersome and risky. Most companies
follow the traditional IPO process, but it’s an expensive and
extensive process. After months of negotiations, due diligence and
road shows — bankers price the IPO and then a block of shares are
sold at the set price to institutional investors — not everyone
ends up pleased with either the pricing or the process.
It only took a few
high-profile SPACs led by big names to show investors and
companies that there are faster and simpler ways to go public other
than a conventional IPO, especially during these uncertain times of
COVID-19. SPACs are proving to be a good option for companies
looking to go public, especially in the biotech arena. SPACs allow
companies to get financed and reach the public market quicker.
SPACs have also traded well, many delivering outsized returns,
bolstering both investor confidence and demand.
High Expectations
KBL Merger Corp. IV is the fourth SPAC run by CEO Marlene Krauss,
MD. She’s a pioneer in the field, completing her first SPAC in
1998, and is a member of an elite group of only three women,
including herself, who have served in the capacity of SPAC CEO and
chairperson. She was also one of the first people to obtain both an
MD degree and MBA degree from Harvard, and she’s one of the few
physicians to lead a SPAC.
That’s likely the impetus for her focus in investing over $1
billion across various funds; her passion has always been about
improving health care. Through her unique combination of intimate
knowledge and shrewd experience, she was able to find and fund
Summit Autonomous Inc., which manufactures the Summit Technology
excimer laser, the first laser to be approved by the FDA for LASIK
refractive eye surgery. The advent of LASIK created a new industry
and a much-improved standard of care. Summit, now a subsidiary of
Novartis, was sold to Alcon for $893 million. Krauss’s devotion to
improving lives by improving health-care solutions has led to the
transaction with 180LS. Krauss and her team closely evaluated and
discarded more than a dozen companies before finally selecting
180LS to merge with KBLM.
180 Life
Sciences Corp. (NASDAQ: KBLM) was started by four world-renowned
scientists and entrepreneurs who invested their own money to
start the company. These same distinguished biomedical pioneers
were the first to successfully develop new anti-inflammatory drugs
in the late ‘90’s, drugs such as the anti-TNF biologics and the
anti-integrin inhibitors. These drugs are still on the market,
generating multiple billions of dollars per year in sales; in
addition, they have spawned a new class of therapeutics to treat
inflammation. These industry leaders are also joined by a world-class
board of directors. The talent and genius at 180 Life Sciences
is now focused on creating the next generation of innovative
anti-inflammatory drugs to inhibit the ravages of chronic
inflammation and provide relief for millions of patients with
inflammatory disease.
Expectations are high for 180 Life Sciences (180LS) since the
founders have all succeeded at this before: developing
large-market, novel anti-inflammatory drugs that were sold to big
pharma for multiple billions of dollars. Now they’re doing it again
— but in their own unique way. They’ve minimized both the risk and
the cost typically associated with biotechnology by creating a
collaborative system of basic science and clinical trials conducted
simultaneously at three major universities across the globe:
Stanford University, Hebrew University and Oxford University. The
international collaboration between this cadre of scientific
luminaries and the effective sharing of programs and platforms
developed through decades of research and clinical development has
resulted in the creation of 180LS, a company that already has
three drug platforms
at various stages of clinical development.
180LS’s primary targets are fibrosis and inflammation using
anti-TNF therapy, which suppresses the immune system by blocking
the activity of a substance in the body that can cause inflammation
and lead to immune-system diseases. The Fibrosis & Anti-TNF
program based at Oxford University is completing phase 2b/3. This
program is led by Jagdeep Nanchahal, a surgeon-scientist running
the phase 2 trials, and Marc Feldmann, a world-renowned
immunologist and a pioneer of anti-TNF therapy. Preclinical studies
in liver fibrosis and nonalcoholic steatohepatitis (NASH) are set
to begin in late 2020. Two additional clinical programs are
projected to start Q3/4 2021 with a grant awarded by the UK’s
National Institute for Health Research.
The other two preclinical programs are Inflammatory Pain,
directed by Raphael Mechoulam at the Hebrew University in Israel,
which is focused on discovering novel compounds to treat chronic
inflammatory pain; and A7nAChR, which is led by Lawrence Steinman
and Jonathan Rothbard, MD, seeking to develop a treatment for
ulcerative colitis in ex-smokers by targeting the a7nAChR, a
nicotine receptor in the body and a central factor in the body’s
method of controlling inflammation. James N. Woody, MD, is CEO of
180LS and was instrumental in the discovery of Remicade, the first
anti-TNF blockbuster, as chief scientific officer at Centocor.
Woody previously served as general manager of Roche Biosciences,
the former Syntex Pharmaceutical Company, and founded Avidia and
Proteolix, both of which were subsequently sold to Amgen.
This unique global collaboration of scientific pioneers and
biomedical entrepreneurs mitigates costs and risks while maximizing
opportunities for 180LS. The team’s cumulative experience, acumen
and respect from big pharma enhances opportunities for developing
drugs to commercialization as well as increased opportunities for
licensing and joint ventures.
Turning Opportunity into Tangibles
To bring opportunity to fruition is never convenient — it
requires hard work, intelligence and diligence. Due to the vision
and diligence of Dr. Krauss, 180 Life Sciences is expected to merge
with KBL Merger Corp. IV before year end, obtaining needed capital
to press its mission to completion.
This is an opportunity to potentially affect the trajectory of
treatment protocols for millions of patients with untreatable
inflammatory disease and these vast unmet medical needs may soon
have new solutions created from the hard work and the brilliance of
the collaborative team at 180 Life Science. For investors, it’s
also an opportunity to participate in a potential blockbuster drug
spawned from a SPAC. It’s been a heck of a year, and the best may
be on the horizon.
Biotech Bonanza
American pharmaceutical giant, Eli
Lilly and Company (NYSE: LLY) was founded in 1876 by a
pharmaceutical chemist and veteran of the American Civil War.
Eli Lilly
recently announced its anti-inflammatory drug used to treat
rheumatoid arthritis, may help shorten COVID-19 recovery time. The
study tested baricitinib, a pill that Lilly already sells as
Olumiant to treat rheumatoid arthritis, the less common form of
arthritis that occurs when a mistaken or overreacting immune system
attacks joints, causing inflammation. An overactive immune system
also can lead to serious problems in coronavirus patients.
Founded in 1668 in Darmstadt, Germany, Merck
KGAA ADR (OTC: MKKGY) is the
world's oldest
pharmaceutical and chemical company and is committed to
advancing gene editing technologies and discovering unique ways to
treat the most challenging diseases. The company has invested
substantially in developing new therapies and medical technologies,
particularly in regards to cancer and chronic progressive diseases.
The NIH’s National Institutes of Allergy and Infectious Diseases
(NIAID) recently
launched a phase 3 trial of Gilead Sciences’ remdesivir with
Merck’s anti-inflammatory drug Rebif (interferon-beta-1a) for the
treatment of hospitalized COVID-19 patients.
Reata
Pharmaceuticals Inc. (NASDAQ: RETA) is a
clinical-stage biopharmaceutical company that develops novel
therapeutics for patients with serious or life-threatening diseases
by targeting molecular pathways involved in the regulation of
cellular metabolism and inflammation. Reata’s two most advanced
clinical candidates (bardoxolone methyl and omaveloxolone) target
the important transcription factor Nrf2 to restore mitochondrial
function, reduce oxidative stress, and resolve inflammation.
Panacea
Acquisition Corp. (NYSE: PANA) is a special purpose
acquisition company formed by an affiliate of EcoR1 Capital LLC.
While the company may pursue an initial business combination target
in any industry or geographic location, PANA intends to focus its
search for a target business operating in the biotechnology
sector.
This year may well be remembered as the year of the biotech and
SPAC IPO. If past is prologue, expect even more biotech deals in
the months and years to come. The ready access to capital and speed
to public markets make SPACs attractive vehicles, especially for
biotech companies such as 180 Life Sciences.
For more information about 180 Life Sciences Corp., please
visit 180 Life
Sciences Corp. and see the 180 Life Sciences
company presentation.
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This release contains “forward-looking statements” within the
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Additional Information about the 180 Life Sciences Business
Combination and Where to Find It
KBL Merger Corp. IV (“KBL”) has filed a registration statement
on Form S-4, which includes a preliminary proxy
statement/prospectus for KBL’s stockholders, with the Securities
and Exchange Commission. KBL’s definitive proxy
statement/prospectus will be mailed to KBL’s stockholders that do
not opt to receive the document electronically. KBL and 180 Life
Sciences urge investors, stockholders and other interested persons
to read the preliminary proxy statement/prospectus, as well as
other documents that will be filed with the SEC, because these
documents will contain important information about the proposed
business combination transaction. Such persons can also read KBL’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2019, for a description of the security holdings of its officers
and directors and their respective interests as security holders in
the consummation of the proposed business combination transaction.
KBL’s definitive proxy statement/prospectus, which is included in
the registration statement, will be mailed to stockholders of KBL
as of a record date to be established. KBL’s stockholders will also
be able to obtain a copy of such documents, without charge, by
directing a request to: KBL Merger Corp. IV, 30 Park Place, Suite
45E, New York, NY 10007; e-mail: admin@kblvc.com These documents can also be
obtained, without charge, at the SEC’s web site (http://www.sec.gov)
Participants in Solicitation
KBL and its directors and executive officers may be deemed to be
participants in the solicitation of proxies for the special meeting
of KBL’s stockholders to be held to approve the proposed
transactions in connection with the business combination with 180
Life Sciences. Information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of
KBL’s stockholders in connection with the proposed business
combination with 180 Life Sciences are set forth in the amended
preliminary proxy statement/prospectus included in the registration
statement that was filed with the SEC on August 28, 2020. You can
find information about KBL’s executive officers and directors in
its Annual Report on Form 10-K for the fiscal year ended December
31, 2019, which was filed with the SEC on April 7, 2020. You can
obtain free copies of these documents from KBL using the contact
information above.
Non-Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination between KBL and 180
Life Sciences and shall not constitute an offer to sell or a
solicitation of an offer to buy the securities of KBL and 180 Life
Sciences, nor shall there be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
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