Passage Bio and Remix Therapeutics have entered into a definitive merger agreement in an all-stock transaction that will combine the two biotechnology companies. Following completion of the deal, the merged business will operate as Remix Therapeutics, Inc. and is expected to trade on Nasdaq under the ticker symbol RMTX.

As part of the transaction, Remix has secured commitments for an oversubscribed private placement financing expected to generate approximately $100 million in gross proceeds. The financing is led by Decheng Capital and includes participation from Lynx1 Capital Management, Forge Life Science Partners, existing investors and other investment firms.

The financing is expected to close immediately before the merger is completed. The combined company expects its cash position, including the new funding, to support operations into 2028 and provide sufficient resources to achieve several key clinical milestones.

These milestones include results from the registrational Phase II trial of REM-422 in Adenoid Cystic Carcinoma (ACC), data from the Phase I study of REM-422 in Acute Myeloid Leukaemia (AML) or high-risk myelodysplastic syndrome (HR-MDS), and continued advancement of Remix’s discovery pipeline.

REM-422 is an orally administered mRNA degrader designed to target MYB, a transcription factor linked to multiple cancers and historically considered difficult to target with conventional therapies. The programme is currently the lead candidate in Remix’s portfolio of RNA-targeted small-molecule therapies.

Passage Bio stated that the merger follows a review of strategic alternatives and provides its shareholders with an opportunity to participate in a clinical-stage company focused on RNA processing modulation. The company highlighted Remix’s platform technology, encouraging Phase I data for REM-422 in ACC and progress in its ongoing registrational study as key factors supporting the transaction.

The merger is expected to strengthen the combined company’s position in the RNA therapeutics field while supporting the development of new treatment options for patients with serious diseases and cancers.

 

Source: remixtx.com

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