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Anchiano Therapeutics shareholders have approved resolutions for the merger with Chemomab, alongside a reverse stock split. The merger will yield approximately $45.5 million in gross proceeds from a private investment, involving new and existing investors like Cormorant Asset Management and Peter Thiel. This capital will support the advancement of Chemomab's pipeline, including its monoclonal antibody CM-101 for treating fibrotic diseases. The private financing includes 41.9 million ADSs and accompanying warrants priced at $1.08443.
Anchiano Therapeutics and Chemomab have announced a definitive merger agreement that will create a public company focused on advancing Chemomab’s lead product, CM-101, a first-in-class anti-CCL24 antibody targeting fibrosis-related diseases. The transaction will make Chemomab shareholders the majority owners, with approximately 90% ownership post-merger. Concurrently, a PIPE financing will support the Phase 2 clinical trials of CM-101 for rare fibrotic diseases like primary sclerosing cholangitis and systemic sclerosis. This merger, approved by both boards, is subject to shareholder approval in Q1 2021.
Anchiano Therapeutics Ltd. (Nasdaq: ANCN) reported its Q1 2020 financial results, revealing a net loss of approximately $3.5 million, down from $9.9 million in Q1 2019. Cash and cash equivalents declined to $14.0 million from $17.6 million, with a cash runway extended to Q1 2021. R&D expenses significantly dropped to $1.1 million due to the discontinuation of its Phase 2 Codex study. General and administrative expenses rose to $1.8 million, reflecting higher professional fees. The company remains focused on developing targeted cancer therapies.
Anchiano Therapeutics (Nasdaq: ANCN) has appointed Steve DiPalma as Chief Financial Officer, succeeding Jonathan Burgin, who will remain as Chief Operating Officer until May 31, 2020. DiPalma has over 30 years of experience in life sciences and has served as a Senior Financial Advisor to the company since 2018. He has held CFO positions in multiple public and private companies, focusing on finance and corporate functions. The transition aligns with the company's planned closure of its Israel offices. The company is dedicated to developing innovative cancer therapies targeted at mutated genes.
