Biotech Values

[DewDiligence]

IMNM—(+30%)—reverse-merges with—(private)—Morphimmune:

https://www.prnewswire.com/news-releases/immunome-and-morphimmune-announce-definitive-merger-agreement-and-simultaneous-private-placement-investment-of-125-million-to-develop-targeted-cancer-therapies-301866960.html

At the effective time of the merger, prior to giving effect to the private placement, securityholders of Immunome will own approximately 55% of the combined company and securityholders of Morphimmune will own approximately 45% of the combined company on a fully diluted basis, excluding out-of-the-money securities and the inducement grant to Dr. Siegall…

…Morphimmune is a biotechnology company focused on developing targeted oncology therapeutics. The company's proprietary Targeted Effector platform selectively delivers payloads to diseased cells.

Morphimmune was founded on the research of the company's scientific co-founder, Philip S. Low, Ph.D., the Presidential Scholar for Drug Discovery and Ralph C. Corley Distinguished Professor of Chemistry at Purdue University. Dr. Low previously founded Endocyte, which Novartis acquired for $2.1 billion in 2018. He has published more than 500 articles and has over 700 patents/patents pending, in addition to being the founder of seven companies to commercialize these discoveries.

Clay Siegall, the ex-CEO of SGEN, is the CEO of Morphimmune and will become the CEO of the merged company. After taking into account Siegall’s stock options, existing Morphimmune shareholders will own more than half of the merged company on a fully-diluted basis, which is why this deal should be considered a reverse-merger.