What's Going On With Priveterra, AEON Biopharma Shares Today?

Priveterra Acquisition Corp PMGM on Monday announced the closing of its business combination with AEON Biopharma.

What To Know: Special purpose acquisition company Priveterra has merged with AEON Biopharma. Priveterra changed its name to AEON Biopharma and has commenced trading on the New York Stock Exchange under the ticker "AEON."

In addition, AEON announced the closing of funding arrangements of up to $125 million, which includes $50 million of committed financing from existing and new AEON investors, as well as cash from Priveterra's trust account following redemptions.

"The capital we have raised through these recent transactions will help fund our clinical development of ABP-450 to treat a number of debilitating medical conditions, including episodic and chronic migraine, cervical dystonia and gastroparesis," said Marc Forth, CEO of AEON. 

"We expect to deliver on several key clinical milestones from certain of these programs over the next 18 months, including announcing topline data from the ongoing Phase 2 study for episodic migraine in the fall of this year, topline data from the ongoing Phase 2 study for chronic migraine in 2024, and initiation of a pivotal Phase 3 study for cervical dystonia in 2024."

AEON is a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions.

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Photo: Lorenzo Cafaro from Pixabay.