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Peak Bio to Merge with SPAC Ignyte Acquisition.

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Vincent

MANews-(C)2009-2022

US-based clinical-stage biopharmaceutical company Peak Bio Co., Ltd and US-based special purpose acquisition company Ignyte Acquisition Corp. (NASDAQ: IGNY) have entered into a definitive business combination agreement, the companies said.

Upon closing of the transaction, Ignyte will be renamed Peak Bio, Inc. and will be led by Hoyoung Huh, MD, Ph.D., chief executive officer of Peak Bio.

The combined company expects to list its stock on NASDAQ under the ticker symbol "PKBO."

A group of healthcare investors including existing Peak Bio stockholders and Palo Alto Investors have committed to participate in the transaction through a USD 25m common stock PIPE at a purchase price of USD 10.00 per share.

Gross proceeds of the transaction available to the Combined company at closing will approximate USD 82.5m (assuming no redemptions from Ignyte's trust account and before transaction expenses).

Peak Bio's pipeline is focused on developing drugs to treat oncology and inflammatory diseases. The company's pipeline of inflammatory therapeutic candidates is led by PHP-303, which is currently Phase II ready in AATD and works by inhibiting a bioactive form of Neutrophil Elastase.

The company's pipeline also includes an antibody drug conjugate platform focused on developing therapies for oncology indications.

PHP-303 5th Generation Best-In-Class Neutrophil Elastase Inhibitor: PHP-303, is an oral QD, reversible and highly selective small molecule addressing toxicity and efficacy shortfalls from previous generation Neutrophil...

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