(NASDAQ: CMMB) at https://www.webull.com/quote/nasdaq-cmmb Chemomab Ltd., a biotech firm in the developmental phase, has announced today the completion of its merger with Anchiano Therapeutics Ltd to research and develop novel therapeutics for fibrotic diseases with high unrest (“Anchiano”).
The combined firm will start trading on the Nasdaq Capital Market with the symbol “CMB” starting on March 17, 2021 and has changed its name to Chemomab Therapeutics Ltd.
Chemomab Therapeutics (“Chemomab”) has secured a $45.5 million gross proceeds from the selling of US Disposal Shares (ADSs) and guarantees private public equity investment (PIPE) finance.The finance is led by current and established Chemomab investors, including Cormorant Asset Management, OrbiMed, Peter Thiel, Presight Capital and Apeoner Investment Group from Christian Angermayer.
Chemomab anticipates using its private placement net proceeds to perform its CM-101, a novel antibody for unusual fibrotic disorders and for developing its earlier-stage portfolio in three phase 2 clinical trials. In February (NASDAQ: CMMB) revealed that patients with primary sclerosing cholangitis were enrolled in a Phase 2a trial of CM-101 SPRING review (PSC).
Chemomab expects to enter a Phase 2 systemic sclerosis (SSc) trial later this year for patients. PSC and SSc are inflammatory-fibrotic disorders which affect various organs including PSC liver, SSc skin and lungs.
Both signs have substantial unmet requirements with weakening effects in patients and no existing medication choices for FDA-approved condition changes. Chemomab is also advancing CM-101 to a phase 2a clinical trial in patients diagnosed with non alcoholic steatohepatitis for testing of CM-101 subcutaneous formulation and its anti-fibrotic effect.
During 2021-2022, clinical reading is planned. In addition, Chemomab today also confirmed a definitive deal to sell $ 1 million of Anchiano’s preclinic RAS programmes to Kestrel with Kestrel Therapeutics Inc.
We are enthusiastic about Chemomab’s ongoing success and think it will help our merged business to speed up the development of our clinical programmes while further developing the products pipeline, as well as becoming a publicly held company and funding from a consortium of excellent investors,” said Dr Adi Mor (Chairman and Co-General of Chemomab). “We currently have a balance sheet of $55 million that provides enough capital.
“We are proud to sponsor the exciting developments at (NASDAQ: CMMB)said Dr Stephen Squinto, Chairman of the Chemomab Board and Executive Partner at OrbiMed. In patients with diseases like PSC or SSc, disease modification therapies are desperately needed, and we think CM-101 will target the inflammatory and fibrotic pathways underlying both illnesses.
For the merger, the reverse division of Chemumab shares was 4:1 and the number of common shares per ADS, which is followed by 20 common shares of an ADS, has risen since then. In this context, the reverse division was achieved. There are many other stocks like nasdaq clov which you can buy at https://www.webull.com/quote/nasdaq-clov.