Neurodegenerative Diseases Focused Company Goes Public Via Wilbur Ross-Backed SPAC, Joins Alzheimer's Rac

Neurodegenerative diseases-focused Aprinoia Therapeutics has announced a business combination with Ross Acquisition Corp II (NYSE:ROSS), a special-purpose acquisition company founded by former Commerce Secretary Wilbur Ross, at an equity value of $280 million.
Wilbur Ross has personally invested $7.5 million through convertible notes and committed up to $12.5 million of capital infusion at the closing.
Aprinoia, founded in 2015, is a clinical-stage biotech company developing novel therapeutics and precision diagnostics for treating neurodegenerative diseases.
The company has collaborations with Biogen Inc (NASDAQ:BIIB) and Bristol Myers Squibb & Co's (NYSE:BMY) Celgene, which includes certain non-exclusive license agreements on its lead tau PET tracer, APN-1607.
"Aprinoia's tau approach is potentially complementary to beta-Amyloid-based products like Lecanemab. We're encouraged by the progress made in this field over the last two years and believe we're partnering with APRINOIA at the right time to continue advancing this field," added Wilbur Ross, CEO of ROSS.
Recently, Biogen's second Alzheimer's disease treatment, Leqembi (lecanemab), scored FDA approval in patients with mild cognitive impairment or mild dementia stage of the disease.
Concurrently, Aprinoia has out-licensed the China rights of APN-1607 to a large pharmaceutical company, whereby such company licensee has executed a binding term sheet agreeing to lead the product through its current Phase 3 trial in AD and target 2024 for commercialization of APN-1607 in China.
The licensee has committed approximately $8 million and RMB 14 million as an upfront payment, milestone payments, and royalties.
Aprinoia will continue to lead the development of APN-1607 in other jurisdictions.
APN-1607 is in a Phase 2 trial for Alzheimer's Disease and is preparing for a Phase 3 trial in Progressive Supranuclear Palsy in the U.S.
Price Action: ROSS shares are up 0.10% at $10.16 on the last check Wednesday.

BIIBBiogen Inc

$178.96-%

Overview

BMYBristol-Myers Squibb Co

$57.90-0.31%

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.

Benzinga

Benzinga

Neurodegenerative Diseases Focused Company Goes Public Via Wilbur Ross-Backed SPAC, Joins Alzheimer's Race To Compete Biogen