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Neurogene and Neoleukin Announce Definitive Merger Agreement
Proposed merger to create Nasdaq-listed biotech company focused on advancing Neurogene’s differentiated portfolio of genetic medicines for complex
About this update from Neurogene Inc.
[{"type":"text","content":"Proposed merger to create Nasdaq-listed biotech company focused on advancing Neurogene’s differentiated portfolio of genetic medicines for complex neurological diseases Combined company is expected to have a cash balance of approximately $200 million at close, including approximately $95 million from concurrent private financing by Neurogene’s new and existing investors Cash expected to fund combined company into 2H:26 and through multiple catalysts, including preliminary data in 4Q:24 and additional data in 2H:25 from a Phase 1/2 clinical trial in Rett syndrome Companies to host conference call today at 8:30 am ET NEW YORK and SEATTLE, July 18, 2023 (GLOBE NEWSWIRE) -- Neurogene Inc., a clinical-stage company founded to bring life-changing genetic medicines to patients and families affected by rare neurological diseases, and Neoleukin Therapeutics, Inc. (NASDAQ:NLTX) today announced that they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. The combined company will focus on advancing Neurogene’s pipeline of differentiated genetic medicines, including NGN-401, a clinical-stage product for Rett syndrome, which uses novel gene regulation technology for a potential best-in-class profile. Upon completion of the merger, which is subject to approval by Neurogene and Neoleukin stockholders, the combined company is expected to operate under the name Neurogene Inc. and trade on the Nasdaq Capital Market under the ticker symbol “NGNE”. In connection with the merger, Neurogene announced an oversubscribed $95 million private financing led by new and existing healthcare-dedicated specialist and mutual fund institutional investors, including participation from Great Point Partners, EcoR1 Capital, Redmile Group, Samsara BioCapital, Janus Henderson Investors, funds and accounts managed by Blackrock, Casdin Capital, Avidity Partners, Arrowmark Partners, Cormorant Asset Management, Alexandria Venture Investments, and a healthcare investment fund. With the cash from both companies at closing and the proceeds of the concurrent private financing, the combined company is expected to have approximately $200 million of cash or cash equivalents immediately following the closing. The cash resources are intended to be used to advance Neurogene’s pipeline through multiple clinical milestones and are exp...