Business
Napo EU S.p.A., Jaguar Health's Italian Subsidiary, and Dragon SPAC S.p.A. Announce Close of 8,830,000 Euro Dragon SPAC Financing
Napo EU, the identified target of Dragon SPAC, seeks to develop plant-based crofelemer to potentially treat orphan disease - short bowel syndrome (crofelemer
About this update from Jaguar Health, Inc.
[{"type":"text","content":"Napo EU, the identified target of Dragon SPAC, seeks to develop plant-based crofelemer to potentially treat orphan disease - short bowel syndrome (crofelemer has received orphan-drug designation from the US FDA for SBS)Merger of Napo EU & Dragon SPAC expected to be effective within approximately 80 days, with related future SBS license and milestone fees totaling up to $12.5 millionMILAN, ITALY and SAN FRANCISCO, CA / ACCESSWIRE / July 19, 2021 / Dragon SPAC S.p.A. and Napo EU S.p.A., the Italian subsidiary of Napo Pharmaceuticals, Inc., which is the wholly owned U.S. subsidiary of Jaguar Health, Inc. (NASDAQ:JAGX), today announced the closing of the financing of Dragon SPAC for gross proceeds of approximately 8,830,000 euros, representing (based on the dollar-to-euro exchange rate) the previously announced $10.8 million of funding from Jaguar into Dragon SPAC using funds from the recent registered direct offering for the benefit of Jaguar's wholly-owned Italian subsidiary. Net proceeds from the private placement will be used to fund Dragon SPAC's contemplated business combination (the 'Merger') with Napo EU and the activities of the combined Napo EU/Dragon SPAC entity resulting from the Merger (the \"Combined Company\"). The Merger is expected to be effective within approximately 80 days.Additional funding will be sought for the Combined Company.Napo EU was formed with the mission to expand access to plant-based medicines crofelemer and lechlemer to Europe (excluding Russia) to address significant unmet gastrointestinal medical needs. Through Napo Pharmaceuticals, Jaguar will provide Napo EU with an exclusive license (the \"Napo License\") to study, develop, and commercialize crofelemer for this region of the European market for specific indications. Napo EU's initial focus is on pursuing the accelerated conditional marketing authorization pathway from the European Medicines Agency (EMA) for crofelemer for an important orphan-designated disease: intestinal failure with short bowel syndrome (IF-SBS).\"We are very pleased that crofelemer's first-in-class mechanism of action may potentially benefit and change the lives of people suffering from this devastating orphan disease that leads to intestinal failure,\" stated Lisa Conte, Jaguar's president and CEO and Napo EU board member.\"We believe crofelemer will be eligible for the EM...