Immunotherapy Company Enlivex Therapeutics Announces Nasdaq Listing Under Symbol “ENLV” and Closing of Private Placement ...
26 March 2019 - 10:30PM
Enlivex Therapeutics Ltd. (Nasdaq: ENLV), a clinical-stage
immunotherapy company, today announced its Nasdaq listing under the
symbol “ENLV” and the concurrent closing of a private placement of
ordinary shares priced at $12.25 per share.
The financing was led by institutional investors KIP Global
Pharma Private Equity Fund, and HBL - Hadasit Bio Holdings, a
life-sciences investment company. Pursuant to the financing,
Enlivex expects its cash balance to allow initiation of several
late-stage immunotherapy clinical trials, and potentially reach
multiple clinical milestones through (i) a Phase II/III trial
studying prevention of complications post bone-marrow
transplantations; (ii) a Phase II trial studying prevention of
cytokine storms associated with sepsis, and (iii) a unique program
surrounding a proprietary “immune checkpoint” for solid cancers
discovered by Enlivex.
Shai Novik, Chairman of Enlivex, commented, “We are pleased to
announce listing of Enlivex on Nasdaq. We believe that the
Company’s cash balance and public platform will enable Enlivex to
progress with the clinical development of AllocetraTM, our unique
immunotherapy product candidate, which targets various
life-threatening conditions for which there are no approved or
currently effective treatments. These indications potentially
represent multi-billion dollar revenue opportunities.”
Sangwoo Lee, Managing Director of the Investment Department
& Head of the U.S. Branch at Korea Investment Partners Co. Ltd
and KIP Global Pharma Private Equity Fund, commented: “We continue
to support the path forward of Enlivex in the clinical development
of a potentially paradigm-changing immune therapy for indications
that have thus far been proven too difficult for traditional
one-drug, one-target approaches.”
Michel Habib, CEO of HBL, commented, “We are proud to be part of
an innovation process, where world leading research originated in
Hadassah Hospital evolves into a promising clinical stage
immunotherapy company addressing some of the world's largest unmet
medical needs. Enlivex is an excellent example of this journey from
basic research to global markets potential realization”.
Enlivex is developing a novel immunotherapy candidate with a
unique mode of action that targets clinical indications defined as
“life-threatening, unmet medical need,” such as preventing or
treating complications associated with bone-marrow
transplantations, sepsis – which is the third-leading cause of
mortality in the United States after cardiovascular and cancer
diseases, as well as treatment of solid tumors via immune
checkpoint reprogramming, potentially increasing the efficacy of
CAR-T, TCR and other anti-cancer therapies.
The private placement, in which 437,733 shares of unregistered
ordinary shares of Enlivex were issued at a price of $12.25 per
share, closed in concurrence with the closing of the previously
announced merger of Bioblast Pharma Ltd.’s wholly owned subsidiary
with and into Enlivex Therapeutics Ltd., following which Enlivex
survived as a wholly owned subsidiary of Bioblast. The
surviving company in the merger for accounting purposes is Enlivex
Therapeutics Ltd. Upon completion of the merger, the board of
directors and executive management of Enlivex Therapeutics Ltd.
replaced the board directors and executive management of Bioblast,
respectively. Concurrently with consummation of the merger,
Bioblast changed its name to Enlivex Therapeutics Ltd. and its
trading symbol to ENLV. Following the closing of the private
placement and the merger, Enlivex Therapeutics Ltd. had 9,868,809
ordinary shares outstanding. Immediately prior to consummation of
the merger, Bioblast distributed a contingent value right (“CVR”)
to all shareholders of record of Bioblast as of close of business
on March 25, 2019. The CVR provides certain rights of shareholders
as of the record date to receive, under certain terms and
conditions, a percentage of potential future payments from revenues
that may be generated by Enlivex from Bioblast’s historical
Trehalose program, which is the clinical program previously
developed by Bioblast and sold prior to the merger with Enlivex.
Each CVR holder as of the record date of March 25, 2019 will be
entitled to such holder’s pro rata share of consideration that may
be received in connection with the sale of the Trehalose program.
Distribution to the CVR holders of the amount received by the
Company, net of associated expenses, is expected to take place
after receipt of a tax ruling from the Israeli tax authorities and
court approval from applicable Israeli court.
ABOUT ENLIVEX Enlivex is a clinical stage
immunotherapy company, developing an allogeneic drug pipeline for
immune system rebalancing. Immune system rebalancing is critical
for the treatment of life-threatening immune and inflammatory
conditions which involve hyper-expression of cytokines (Cytokine
Release Syndrome) and for which there are no approved treatments
(unmet medical needs), as well as solid tumors immune-checkpoint
rebalancing. For more information,
visit http://www.enlivex.com.
Safe Harbor Statement: This press release contains
forward-looking statements, which may be identified by words such
as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,”
“believes,” “should,” “would”, “intends,” “estimates,” “suggests,”
“has the potential to” and other words of similar meaning,
including statements regarding expected cash balances, market
opportunities for the results of current clinical studies and
preclinical experiments, the effectiveness of, and market
opportunities for, ALLOCETRATM programs, and potential future
payments to holders of CVRs which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that forward-looking
statements involve risks and uncertainties that may affect
Enlivex’s business and prospects, including the risks that Enlivex
may not succeed in generating any revenues or developing any
commercial products; that the products in development may fail, may
not achieve the expected results or effectiveness and/or may not
generate data that would support the approval or marketing of these
products for the indications being studied or for other
indications; that ongoing studies may not continue to show
substantial or any activity; that the Trehalose program may not
generate any revenues, and other risks and uncertainties that may
cause results to differ materially from those set forth in the
forward-looking statements. The results of clinical trials in
humans may produce results that differ significantly from the
results of clinical and other trials in animals. The results of
early-stage trials may differ significantly from the results of
more developed, later-stage trials. The development of any products
using the ALLOCETRATM product line or the Trehalose program
could also be affected by a number of other factors, including
unexpected safety, efficacy or manufacturing issues, additional
time requirements for data analyses and decision making, the impact
of pharmaceutical industry regulation, the impact of competitive
products and pricing and the impact of patents and other
proprietary rights held by competitors and other third
parties. In addition to the risk factors described above,
investors should consider the economic, competitive, governmental,
technological and other factors discussed in Enlivex’s filings with
the Securities and Exchange Commission. The forward-looking
statements contained in this press release speak only as of the
date the statements were made, and we do not undertake any
obligation to update forward-looking statements, except as required
under applicable law.
ENLIVEX CONTACT: Shachar Shlosberger, CFO
Enlivex Therapeutics, Ltd. shachar@enlivexpharm.com
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