Common shares of the combined company, Celularity, Inc., will begin trading on the Nasdaq Capital Market under the symbol “CELU” on July 19.
Celularity, Inc., a clinical-stage cellular medicine company that develops ready-to-use allogenotherapies derived from the postpartum human placenta, today announced its IPO.
The news comes after the finalization of the merger with GX Acquisition Corp, a specialist acquisition company. The company will operate under the name Celularity, Inc., and effective July 19, the company will begin trading on the Nasdaq Capital Market under the ticker symbol “CELU”.
Proceeds from the transaction totaled approximately $ 138 million, which included funds held in GXGX’s trust account and a concurrent private placement in the public equity financing led by existing shareholders of Celularity. Celularity’s management team will continue to lead the combined company as a result of this transaction.
“Celularity aims to transform the way we approach the treatment of cancer and other diseases by harnessing the versatility, unique immune biology and innate strain of placental-derived cells,” said Robert J. Hariri, MD, Ph. D., Founder, President and CEO of Celularity. “We are extremely proud of our clinical development results to date as well as the advanced manufacturing capabilities we have built to support rapid scale-up and a competitive cost structure for our cell-based therapies derived from the placenta. We believe that out-of-the-box allogeneic cell therapies will lead to a paradigm shift in the way clinicians approach the treatment of cancer and other serious illnesses.
Hariri added, “Our PIPE is led by existing Celularity investors, who understand the company’s pipeline and clinical development program and have taken the opportunity to add to their investment in Celularity. partnerships with leaders like Palantir and Arthrex which we believe will strengthen our intellectual property and increase revenues from its existing marketed products.
Dean C. Kehler, Co-President and CEO of GX Acquisition Corp. and new Celularity board member, added, “We are delighted to see Celularity take this very important next step in its evolution as a transformative biotech company to become a publicly traded company.
“This step will allow Celularity to continue to leverage the company’s business and clinical assets to treat high unmet need, such as cancer, infectious diseases and degenerative diseases,” he added.
The company’s clinical pipeline includes several clinical stage programs, including acute myeloid leukemia (AML) and glioblastoma multiforme (GBM), with a total of five clinical programs expected by the first half of 2022.
The Company’s flagship product candidate CYNK-001 is the only cryopreserved, allogeneic, ready-to-use cell therapy to be developed from placental hematopoietic stem cells. The agent expresses perforin and granzyme B, has shown cytotoxic activity against hematologic tumors and solid tumor cell lines, and can secrete immunomodulatory cytokines in the presence of tumor cells.
The new therapy is being explored as a potential option in multiple myeloma, acute myeloid leukemia (AML) and glioblastoma multiforme; it is also evaluated in infectious diseases like COVID-19 (NCT04365101).