Selecta Biosciences Inc SELB and Cartesian Therapeutics Inc announced a reverse merger in an all-stock deal, with Selecta shareholders owning 26.9% of the new company.
In August, Selecta Biosciences provided an update on its ongoing strategic initiative to maximize stockholder value related to its economic interests in SEL-212, which is being developed for chronic refractory gout, which Selecta will continue to support.
The combined company has been renamed Cartesian Therapeutics, with the Nasdaq ticker symbol changing to "RNAC," effective before the opening of trading tomorrow, November 14, 2023.
The combined company will be led by Selecta's CEO Carsten Brunn and Cartesian co-founders Murat Kalayoglu and Michael Singer to serve on the Board of Directors.
The new Selecta will have over $110 million in cash, including $60.2 million from a private placement.
Cartesian's outstanding equity interests were exchanged based on a fixed exchange ratio for consideration as a combination of approximately 6.7 million shares of Selecta common stock and approximately 0.38 million shares of Selecta Series A Non-Voting Convertible Preferred Stock.
The deal creates an RNA cell therapy firm focused on autoimmune diseases.
Cartesian's wholly-owned pipeline includes a Phase 2 lead asset, Descartes-08, for myasthenia gravis.
Multiple near-term catalysts, including data from the Phase 2b study of Descartes-08 in MG, are expected in mid-2024, and initiation of multiple studies in additional autoimmune indications.
Price Action: SELB shares are down 7.05% at $0.8903 on the last check Monday.
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