Completion of the merger with Longevity Acquisition Company and admission of American Depositary Shares to buying and selling on NASDAQ
LEEDS, United Kingdom – (BUSINESS WIRE) – 4D pharma plc (AIM: DDDD) (“4D” or the “Firm”), a number one pharmaceutical firm within the improvement of dwell biotherapeutics (LBP), a brand new class of microbiome-derived medication, is happy to announce that its enterprise mixture with Longevity Acquisition Company, particulars of which have been introduced on October 22, 2020 (the “Merger”), is now efficient.
The present board of administrators and administration crew of 4D pharma will proceed to steer the mixed firm. 4D will proceed its actions within the discovery and improvement of residing biotherapeutics. The $ 14.8 million money held by Longevity is now accessible for 4D.
US Depositary Shares 4D (“ADS”) are anticipated to start buying and selling at present on the NASDAQ World Market underneath the image “LBPS”. JPMorgan Chase Financial institution, NA acts as custodian financial institution for ADS. The frequent shares of 4D pharma will proceed to be admitted to buying and selling on AIM underneath the image “DDDD”.
As well as, Merck Sharp & Dohme Corp. has now subscribed for 654,023 frequent shares on the challenge worth of $ 1.53 (£ 1.10) as a part of the personal placement, particulars of which have been introduced on March 17, 2021, lifting thus a further $ 1 million (£ 0.72). million). The gross proceeds of the personal placement now complete roughly $ 25.03 million (£ 18.01 million). In complete, 16,367,332 new peculiar shares have been subscribed for underneath the personal placement (the “Placement Shares”).
An software has been filed with the London Inventory Trade for the 31,048,192 peculiar shares to be issued underneath the Merger and the 16,367,332 Placement Shares to be admitted to buying and selling on AIM (“Admission”). Admission is scheduled to turn into efficient at 8:00 a.m. (GMT) on March 23, 2021.
As introduced on March 17, 2021, Duncan Peyton (Managing Director) and Alex Stevenson (Scientific Director) intend to subscribe, in complete, $ 2.0 million (£ 1.44 million) of recent peculiar shares within the challenge worth following the upcoming exit from the corporate’s outcomes for the fiscal yr ended December 31, 2020.
In reference to the Merger, 4D additionally issued new warrants convertible into peculiar shares (the “New Warrants”) comprising 4,320,000 excellent warrants which have been beforehand issued by Longevity to holders of Longevity Shares on the time of the IPO of Longevity and which can be transformed into warrants to buy as much as 16,268,040 Atypical Shares, payable in ADS, warrants to be issued to Backstop Buyers to accumulate as much as 7,530,000 Atypical Shares following the Completion underneath the Backstop Preparations, and an possibility to accumulate as much as 2,892,096 Widespread Shares from Cantor Fitzgerald, in his capability as underwriter of Longevity on the time of Longevity’s IPO. If all the new warrants are exercised for money, the corporate will obtain roughly $ 29 million in capital.
“The conclusion of the merger of 4D pharma with Longevity represents a decisive step for the corporate. Changing into a twin listed firm within the UK and US expands our international attain. Together with the NASDAQ itemizing, the merger closing and concurrent fundraising provides 4D pharma extra capital of $ 40 million and locations the corporate in a really robust monetary place to execute by our robust pipeline, ”stated stated Duncan Peyton, CEO, 4D pharma. “We consider that 4D pharma’s single-strain residing biotherapeutic strategy to the microbiome holds nice promise in offering novel, efficient and secure therapies for sufferers with quite a lot of situations with few various remedy choices. We proceed to push the frontier of dwell biotherapies for the remedy of most cancers, in addition to in different therapeutic areas comparable to neurological situations.
Whole voting rights
Following the problem of Buying and selling Shares and Placement Shares, the enlarged share capital of 4D will include 178,984,386 peculiar shares. The entire variety of voting rights of the Firm can be 178,984,386. This determine can be utilized by shareholders as a denominator for the calculations by which they’ll decide whether or not they’re required to inform their curiosity within the share capital of the Firm or a modification of their curiosity within the share capital of the Firm in accordance with the Disclosure and Transparency Guidelines of the Monetary Conduct Authority.
About 4D Pharma
4D pharma is a world chief within the improvement of dwell biotherapies, a brand new and rising class of medication, outlined by the FDA as organic merchandise containing a residing organism, comparable to micro organism, relevant to the prevention, remedy or remedy of A illness. 4D has developed a proprietary platform, MicroRx®, which rationally identifies dwell biotherapies based mostly on a deep understanding of operate and mechanism.
4D pharma’s dwell biotherapeutics (LBP) are distinctive strains of micro organism which can be naturally discovered within the wholesome human intestine. The Firm has six medical packages, particularly a section I / II research of MRx0518 together with KEYTRUDA (pembrolizumab) in stable tumors, a section I research of MRx0518 in a neoadjuvant setting for sufferers with stable tumors, a section I research of MRx0518 in sufferers with pancreatic most cancers, a section I / II research of MRx-4DP0004 in bronchial asthma, a section II research of MRx-4DP0004 in sufferers hospitalized for COVID-19 and Blautix® in irritable bowel syndrome (IBS) which has efficiently accomplished a section II trial. Preclinical stage packages embody candidates for CNS illness comparable to Parkinson’s illness and different neurodegenerative situations. The corporate has a analysis collaboration with MSD, a commerce identify of Merck & Co., Inc., Kenilworth, NJ, USA, to find and develop dwell biotherapies for vaccines.
For extra data, see https://www.4dpharmaplc.com
This announcement incorporates “forward-looking statements”. All statements apart from statements of historic reality contained on this announcement, together with, with out limitation, statements concerning the graduation of buying and selling and admission are forward-looking statements throughout the that means of Part 27A of United States Securities. Act of 1933, as amended (the “Securities Act”) and Part 21E of the US Inventory Trade Act of 1934, as amended (the “Trade Act”). Ahead-looking statements are sometimes recognized by the phrases “consider”, “count on”, “anticipate”, “plan”, “intend”, “anticipate”, “ought to”, “would”, “may”, “May”, “estimate”, “outlook” and comparable expressions, together with their unfavourable. The absence of those phrases, nonetheless, doesn’t imply that the statements are usually not forward-looking. These forward-looking statements are based mostly on the Firm’s present expectations, beliefs and assumptions relating to future developments and enterprise situations and their potential impact on the Firm. Though administration believes that these forward-looking statements are cheap as they’re made, there might be no assurance that future developments affecting the corporate can be because it anticipates.
All the Firm’s forward-looking statements contain identified and unknown dangers and uncertainties, a few of that are materials or past its management, and assumptions that might trigger precise outcomes to vary materially from the Firm’s historic expertise and of its present expectations or projections. The above components and different dangers and uncertainties which have an effect on the enterprise of the Firm, together with shares of the Nasdaq and the London Inventory Trade and these extra dangers and uncertainties describe the paperwork filed by the Firm with the Securities and Trade. United States Fee (“SEC”) must be rigorously thought-about. The Firm needs to warning you to not place undue reliance on forward-looking statements, which communicate solely as of the date hereof. The Firm assumes no obligation to publicly replace or revise its forward-looking statements after the date on which they’re made, whether or not on account of new data, future occasions or in any other case, besides to the extent required by the regulation.
4D shareholders can receive a duplicate of the Round on the Firm’s web site at https://www.4dpharmaplc.com.