180 Life Sciences Corp. (NASDAQ: ATNF or the "Company"),
a clinical-stage biotechnology company with its lead indication in
Phase 2b/3, focused on the development of novel drugs that fulfill
unmet needs in inflammatory diseases, fibrosis and pain, today
announced the successful closing of its transaction with KBL Merger
Corp IV.
In connection with the closing of the merger, KBLM issued
17,500,000 shares of common stock to the stockholders of 180 Life
Sciences, of which 1,049,999 shares were deposited in an escrow
account and subject to forfeiture for indemnification claims, and
of which 1,981,496 shares are issuable to the holders of the
existing exchangeable shares of CannBioRex Purchaseco ULC and/or
Katexco Purchaseco ULC, Canadian subsidiaries of 180 Life Sciences.
The issuance of the shares of common stock to the stockholders of
180 Life Sciences was registered on an effective registration
statement on Form S-4 that the Company filed with the Securities
and Exchange Commission on November 12, 2019 and that was declared
effective on October 9, 2020. Following the merger, 180 Life
Sciences shall survive as a wholly-owned subsidiary of KBLM.
Prior to the closing of the merger, 180 Life Sciences Corp.
changed its name to 180 Life Corp., and KBL Merger Corp. IV changed
its name to 180 Life Sciences Corp. As used in this press release,
references to KBL Merger Corp. IV refer to the Company and
references to 180 Life Sciences Corp. refer to 180 Life Sciences
(which became a wholly-owned subsidiary of the Company following
the merger, as discussed above). As a result of the merger, the
units and rights of KBL Merger Corp. ceased trading, and the shares
of its common stock and warrants are now trading on the Nasdaq
Capital Market under the ticker symbols “ATNF” and “ATNFW,”
respectively.
180 Life Sciences is led by Dr. James Woody who
previously served as the founding CEO of OncoMed Pharmaceuticals,
as well as President and General Manager of Roche Bioscience. In
addition, he served as Chief Scientific Officer and Senior Vice
President of R&D for Centocor, where he led the team
responsible for developing Remicade, the first of the TNF inhibitor
biologics in collaboration with Prof. Sir Marc Feldmann, one
of the founders and Co-Chairman of 180 Life Sciences. Remicade
sales topped $7 billion USD in 2016 and were $5 billion in
2019.1
Dr. James Woody commented, "We are excited to have completed the
transaction resulting in 180 Life Sciences now being a public
company. Not only does the Company boast a tremendous pipeline of
innovative therapies that use anti-TNF to treat inflammatory
diseases, it also boasts an unparalleled team of pioneering and
world-renowned scientists leading the charge – namely, Prof. Sir
Marc Feldmann and Prof. Lawrence Steinman. I look forward to
working with them to discover new therapies to address inflammatory
diseases, as well as building value for our shareholders.”
Additional Background on 180 Life Sciences
Corp.
180 Life Sciences' three clinical programs address the following
indications:
- Dupuytren's
contracture, a fibrotic disease of the hand, which is in Phase
2b/3, with results expected in 2H 2021. Dupuytren’s disease
impacts over 15 million Americans.2
- Frozen
shoulder, with a grant to initiate the clinical study awarded by
the National Institute of Health Research, U.K.
- Post-operative
cognitive delirium disorder and dysfunction, a major unmet clinical
need occurring in the elderly patient population, most commonly
after hip fracture repair or after CABG (Coronary Artery Bypass
Graft).
Additionally, 180 Life Sciences’ pre-clinical discovery programs
include:
- A program focused on
the development of unique, FDA-approved, pharmaceutical-grade oral
synthetic cannabidiol analogs to treat pain that is specifically
focused on arthritis.
- The α7nAChR program
which aims to develop α7nAChR agonists for the treatment of
inflammatory diseases, initially ulcerative colitis induced after
cessation of smoking.
In addition to Dr. Woody, 180 Life Sciences has the following
leadership team:
Prof. Sir Marc Feldmann, Co-Chairman of the Board
of Directors – A leading immunologist, professor at
the University of Oxford and the inventor of anti-TNF
(tumor necrosis factor) therapy, which is the world's
biggest-selling drug class, with sales of approximately $40
billion in recent years. With his team, he discovered the
advantages of targeting TNF, as well as using combination
therapies. With Dr. Woody, Centocor Biotech (now Janssen Biotech, a
part of Johnson & Johnson) licensed Prof. Feldmann's key patent
to develop Remicade, which is one of the highest-selling drugs in
the world, and AbbVie licensed his patents for use with Humira, the
world's best-selling drug.
Prof. Lawrence Steinman, Co-Chairman of the Board
of Directors – Professor of Neurology and Pediatrics
at Stanford University. His work led to the development of
Tysabri, a highly effective treatment for multiple sclerosis and
inflammatory bowel disease. Tysabri was sold to Biogen for $3.25
billion in 2013. He also founded Neurocrine Biosciences, a
NASDAQ-listed company with an approximately $11.9
billion market cap. His lab at Stanford
University is dedicated to understanding the pathogenesis of
autoimmune diseases, particularly multiple sclerosis. He served on
the Board of Centocor and currently serves as an advisor to Atreca.
Prof. Steinman received a B.A. from Dartmouth College and
M.D. from Harvard Medical School.
Dr. Jonathan Rothbard, Chief Scientific
Officer – Responsible for helping to establish a
variety of biotech startups, including Amylin Pharmaceuticals
(which was sold to AstraZeneca and Bristol-Myers Squibb for $7
billion), ImmuLogic, CellGate and Cardinal Therapeutics. Dr.
Rothbard completed his post-doctoral fellowship with
Dr. Gerald Edelman at Rockefeller
University and served as Head of the Molecular Immunology
laboratory at the Imperial Cancer Research Fund
in London before returning to Stanford
University.
The Company also previously announced the appointments of
Professor Richard Barker, Larry Gold Md., Shoshana Shendelman PhD.,
and Donald McGovern Jr., to its Board of Directors, which
appointments were effective upon completion of the business
combination.
About 180 Life Sciences Corp.
180 Life Sciences Corp. is a clinical-stage biotechnology
company focused on the development of novel drugs that fulfill
unmet needs in inflammatory diseases, fibrosis and pain by
leveraging the combined expertise of luminaries in therapeutics
from Oxford University, the Hebrew University and Stanford
University. 180 Life Sciences is leading the research into solving
one of the world’s biggest drivers of disease – inflammation. The
Company is driving groundbreaking study into clinical programs,
which are seeking to develop novel drugs addressing separate areas
of inflammation for which there are no effective therapies. The
Company’s primary platform is a novel program to treat fibrosis
using anti-TNF, with its lead program in phase 2b/3 clinical
trials.
Forward-Looking StatementsThis press release
includes "forward-looking statements" within the meaning of U.S.
federal securities laws. Words such as “expect,” “estimate,”
“project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,”
“may,” “will,” “could,” “should,” “believes,” “predicts,”
“potential,” “continue” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results and, consequently, you should not rely on these
forward-looking statements as predictions of future events. These
forward-looking statements and factors that may cause such
differences include, without limitation, statements relating to the
continued listing of the Company on the Nasdaq Stock Market;
expectations regarding the capitalization, resources and ownership
structure of the Company; the inability to recognize the
anticipated benefits of the merger, which may be affected by, among
other things, the amount of cash available to the Company;
expectations with respect to future performance, growth and
anticipated acquisitions; the ability of the Company to execute its
plans to develop and market new drug products and the timing and
costs of these development programs; estimates of the size of the
markets for its potential drug products; potential litigation
involving the Company or the validity or enforceability of the
intellectual property of the Company; global economic conditions;
geopolitical events and regulatory changes; access to additional
financing; and other risks and uncertainties indicated from time to
time in filings with the SEC. The foregoing list of factors is not
exclusive. Additional information concerning these and other risk
factors is contained in the Company’s most recent filings with the
SEC, as well as in the definitive proxy statement/prospectus that
the Company filed in connection with the merger. All subsequent
written and oral forward-looking statements concerning the Company,
the transactions described herein or other matters and attributable
to the Company or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements above.
Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement to reflect any change in its expectations
or any change in events, conditions or circumstances on which any
such statement is based.
Investors:
Jason AssadDirector of IR180 Life Sciences
Corp678-570-6791Jason@180lifesciences.com
Media Relations:
David SchullDavid.Schull@russopartnersllc.com (212) 845-4271
Eric AndoEric.Ando@russopartnersllc.com (646) 218-4604
1 https://www.fiercepharma.com/special-report/top-20-drugs-by-global-sales-2019-remicadehttps://www.biopharmadive.com/news/ftc-probe-johnson-remicade-biosimilar-market-competition/559817/#:~:text=The%20drug%20brought%20in%20%245.3,SVB%20Leerink%20analyst%20Geoffrey%20Porges.2 https://dupuytrens.org/common-dupuytren-disease/
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