4D pharma completes c.$40 million Merger and Private Placement with Longevity Acquisition Corporation
4D pharma plc is pleased to announce that its business combination with Longevity Acquisition Corporation has now become effective. The NASDAQ dual-listing and private placement has raised almost $40 million for the Company.
4D pharma’s existing Board of Directors and management team will continue to lead the combined company. 4D will continue its operations in the discovery and development of Live Biotherapeutic products. The cash of $14.8 million held by Longevity is now available to 4D.
4D American Depositary Shares (“ADSs”) commenced trading on the NASDAQ Global Market under the ticker ‘LBPS’ on 22/03/2021. JPMorgan Chase Bank, N.A. is acting as depositary bank for the ADSs. 4D ordinary shares will continue to be admitted to trading on AIM under the ticker ‘DDDD’.
Duncan Peyton, Chief Executive Officer of 4D pharma, commented:
“The closing of 4D pharma’s merger with Longevity represents a transformational milestone for the Company. Becoming a dual-listed company both in the UK and the US broadens our global reach. In conjunction with the NASDAQ listing, the closing of the Merger and concurrent fundraise give 4D pharma an additional $40 million of capital and puts the Company in a very strong financial position to execute across our robust pipeline.
We believe that 4D pharma’s single strain Live Biotherapeutic approach to the microbiome holds great promise to deliver novel, efficacious and safe therapeutics to patients suffering from a variety of conditions with few alternative therapeutic options. We continue to push the frontier for Live Biotherapeutics for the treatment of cancer, as well as additional therapeutic areas such as neurological conditions.”
The proceeds from the Fundraising will be used primarily for matters including:
- to advance the expanded Part B of the ongoing Phase I/II combination study of MRx0518 and Keytruda® to completion; enrolment is currently expected to complete in Q4 2021;
- to continue engagement with the FDA in 2021 to discuss the development and approval pathway for MRx0518 in combination with an ICI in patients with solid tumours and secondary resistance to prior ICI therapy;
- to investigate the efficacy of MRx0518 in additional cancer patient groups, treatment settings, and as part of additional combination therapies, including an ongoing Phase I trial in pancreatic cancer.
Singer Capital Markets are acting as Nominated Adviser and Joint Broker to 4D pharma.
About 4D pharma
Founded in February 2014, 4D pharma is a world leader in the development of Live Biotherapeutics, a novel and emerging class of drugs, defined by the FDA as biological products that contain a live organism, such as a bacterium, that is applicable to the prevention, treatment or cure of a disease. 4D has developed a proprietary platform, MicroRx®, that rationally identifies Live Biotherapeutics based on a deep understanding of function and mechanism.
Market Cap: £197.78 million*
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*As at 30/03/2021