TIDMHEMO
RNS Number : 6805M
Hemogenyx Pharmaceuticals PLC
18 September 2023
18 September 2023
Hemogenyx Pharmaceuticals plc
("Hemogenyx Pharmaceuticals" or the "Company")
Hemogenyx Pharmaceuticals Announces Strategic Investment from
Prevail Partners, LLC
-- Prevail Partners, LLC to invest in Hemogenyx Pharmaceuticals.
-- Prevail InfoWorks, Inc. to act as Contract Research
Organization (CRO) for upcoming Phase I clinical study, expected to
commence in 2023.
Hemogenyx Pharmaceuticals plc (LSE: HEMO), the biopharmaceutical
group developing new therapies and treatments for blood diseases,
announces that Prevail Partners, LLC ("Prevail Partners"), an
investment fund, has agreed to invest in the Company through a
subscription for 11,066,667 ordinary shares (the "New Ordinary
Shares") at a price of US$0.075 per share (approximately GBP0.06)
for the total sum of $830,000 (approximately GBP668,000) . The
subscription price represents a premium of approximately 240% to
the Company's closing share price on 14 September 2023, when
agreement was reached as to the final terms of the investment. The
agreement governing the subscription (the "Subscription Agreement")
contains customary warranties from the Company and Prevail
Partners. Following allotment, Prevail Partners will hold
approximately 0.96% of the Company's issued share capital.
The Company's wholly owned subsidiary, Hemogenyx Pharmaceuticals
LLC, has also signed a Master Service and Technology Agreement
("MSTA") with Prevail InfoWorks, Inc. ("InfoWorks"), a
Philadelphia, PA based Contract Research Organization (CRO) and
affiliate of Prevail Partners. Under the terms of the MSTA,
InfoWorks is to provide clinical services and technologies for the
Company's upcoming Phase I study of its anti-FLT3 chimeric antigen
receptor-redirected T cells ("CAR-T cells") in subjects with
relapsed/refractory acute myeloid leukemia (AML). Services include
clinical site coordination, project management, data management,
clinical monitoring, and pharmacovigilance (safety management)
services, and the use of InfoWorks' integrated real-time data
analytics platform, The Single Interface(R), for clinical support
and real-time data analysis. The MSTA has an initial term of 40
months, and Hemogenyx Pharmaceuticals LLC has agreed an initial
statement of works relating to the Phase I AML study.
The subscription funds will in large part defray the payment
made by the Company for the first stage of the work being
undertaken by InfoWorks under the MSTA.
Dr Vladislav Sandler, CEO & Co-Founder of Hemogenyx
Pharmaceuticals, commented: "As we seek to bring the curative power
of cell therapies to a greater number of patients suffering from
otherwise incurable life-threatening diseases, we are very
confident in Prevail InfoWorks' ability to coordinate our Phase I
clinical trial in relapsed/refractory AML. Their operational
experience and expertise will enable a smooth execution of the
study, while their specialization in real-time data integration and
analytics will ensure fast, reliable data access to lower our
clinical risk and potentially speed up our regulatory timeline.
Prevail Partners' strategic investment in the Company demonstrates
their confidence in our CAR-T program and in our ability to execute
the upcoming clinical study."
Mary Schaheen, President of Prevail Partners, stated : "Everyone
at our fund is confident in the growth and success of Hemogenyx
Pharmaceuticals as they develop CAR-T cells to target acute myeloid
leukemia. Furthermore, Hemogenyx Pharmaceuticals has a seasoned
management team with the expertise to accelerate the company to a
significant value inflection point through the completion of its
planned clinical trial."
About AML and CAR-T Therapy
AML, the most common type of acute leukemia in adults, has poor
survival rates (a five-year survival rate of less than 30% in
adults) and is currently treated using chemotherapy, rather than
the potentially more benign and effective form of therapy being
developed by Hemogenyx Pharmaceuticals. The successful development
of a new therapy for AML would have a major impact on treatment and
survival rates for the disease.
CAR-T therapy is a treatment in which a patient's own T-cells, a
type of immune cell, are modified to recognize and kill the
patient's cancer cells. The procedure involves: isolating T-cells
from the patient; modifying the isolated T-cells in a laboratory
using a CAR gene construct (which allows the cells to recognize the
patient's cancer); amplifying (growing to large numbers) the newly
modified cells; and re-introducing the cells back into the
patient.
Allotment of Ordinary Shares and Applications for Admission
The New Ordinary Shares will be allotted and issued subject to
receipt of the subscription monies from Prevail Partners, which is
to be made within 5 business days from the date of the Subscription
Agreement and MSTA (such date being 14 September 2023).
Applications will be made for the New Ordinary Shares to be
admitted to the standard segment of the Official List and to
trading on the Main Market for listed securities of London Stock
Exchange plc. It is expected that admission will become effective
on or around 29 September 2023.
The New Ordinary Shares will, on admission, rank pari passu in
all respects with the ordinary shares currently in issue and will
rank in full for all dividends and other distributions hereafter
declared, paid or made on the ordinary share capital of the
Company.
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will
have 1,153,065,988 ordinary shares in issue, each share carrying
the right to one vote.
This figure of 1,153,065,988 ordinary shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been inside information for the purposes of Article 7 of Regulation
No 596/2014 (as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018) until the release of this
announcement. The person responsible for arranging for the release
of this announcement on behalf of Hemogenyx Pharmaceuticals plc is
Dr Vladislav Sandler, Chief Executive Officer & Co-Founder.
Enquiries:
Hemogenyx Pharmaceuticals plc https://hemogenyx.com
Dr Vladislav Sandler, Chief Executive
Officer & Co-Founder headquarters@hemogenyx.com
Peter Redmond, Director peter.redmond@hemogenyx.com
Tel: +44 (0)20 3470
SP Angel Corporate Finance LLP 0470
Matthew Johnson, Vadim Alexandre,
Adam Cowl
Tel: +44 (0)20 7469
Peterhouse Capital Limited 0930
Lucy Williams, Duncan Vasey, Charles
Goodfellow
About Hemogenyx Pharmaceuticals plc
Hemogenyx Pharmaceuticals is a publicly traded company (LSE:
HEMO) headquartered in London, with its US operating subsidiaries,
Hemogenyx Pharmaceuticals LLC and Immugenyx LLC, located in New
York City at its state-of-the-art research facility.
The Company is a pre-clinical stage biopharmaceutical group
developing new medicines and treatments to treat blood and
autoimmune disease and to bring the curative power of bone marrow
transplantation to a greater number of patients suffering from
otherwise incurable life-threatening diseases. Hemogenyx
Pharmaceuticals is developing several distinct and complementary
product candidates, as well as a platform technology that it uses
as an engine for novel product development.
About Prevail Partners, LLC
Prevail Partners, LLC is a corporate strategic investment fund
investing in clinical stage therapeutics companies. More
information is available at https://prevailpartners.com/ .
About Prevail InfoWorks, Inc.
Prevail InfoWorks, Inc. is a global full-service CRO/FSP and
one-stop-shop for clinical trial services and systems. More
information is available at https://prevailinfoworks.com/ .
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