Biomed Company BiomX Merges With New York-Listed Chardan Healthcare
BiomX develops customized therapies for conditions such as acne and inflammatory bowel disease
14:1217.07.19
Israel-based phage therapies company BiomX Ltd. is set to merge with New York-listed Chardan Healthcare Acquisition Corp. (CHAC), the companies announced Tuesday. Upon the completion of the deal, CHAC will be renamed BiomX and continue listing on the NYSE under a new ticker, the companies said. As part of the deal, CHAC will issue 16.625 million shares and vested securities to current security holders of BiomX, the companies said.
Biomed (Illustration). Photo: Bloomberg Founded in 2015, BiomX develops customized therapies based on bacteriophages—viruses that invade bacterial cells and can be used to treat infections. BiomX's technology uses DNA analysis and machine learning technology to decipher full microbial genomic signatures and determine whether they can be further developed as biomarkers.
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The merge, approved by the boards of directors of both companies, is expected to finalize in October, subject to approval by CHAC stockholders and other closing conditions. The merged company will be led by BiomX's management team and CEO Jonathan Solomon.
Biomed (Illustration). Photo: Bloomberg BiomX's product for acne-prone skin is set to begin clinical testing by the end of the year.
In December, BiomX announced it entered a collaboration agreement with Janssen Research & Development LLC, a subsidiary of Johnson & Johnson, to test biomarkers for inflammatory bowel disease (IBD) therapies using the company's technology.
