Biotech Values

[DewDiligence]

ANCN reverse-merges into—(private)—Chemomab Ltd:

https://www.globenewswire.com/news-release/2020/12/15/2145458/0/en/Anchiano-Therapeutics-and-Chemomab-Announce-Entry-Into-Definitive-Merger-Agreement.html

Anchiano Therapeutics Ltd…and Chemomab Ltd., a clinical-stage biotech company focusing on the discovery and development of innovative therapeutics for fibrosis-related diseases with high unmet need, announce their entry into a definitive merger agreement pursuant to which the shareholders of Chemomab would become the majority holders of the combined company. The proposed merger will create a public company focused on advancing Chemomab’s lead product, CM-101. Shareholders of both companies holding shares sufficient to approve the merger have entered into shareholder support agreements with the respective companies in support of the transaction.

…On a pro forma basis and based upon the number of Anchiano securities to be issued in the merger, current shareholders of Chemomab will own approximately 90% of the combined company upon closing, prior to the additional PIPE financing transaction. …Upon closing of the transaction, the combined company will assume the name “Chemomab Therapeutics Ltd.” and will be led by Chemomab’s management team, headed by its co-founder and chief executive officer, Adi Mor, Ph.D.