Immunovant goes public after investment from HSAC
Health Sciences Acquisitions Corporation (HSAC), a specialized acquisition company, and Immunovant have entered a definitive share exchange agreement wherein the former will acquire all issued and outstanding shares in the latter company.
After the acquisition, the resulting company will be known as Immunovant Inc. and will be publicly listed on the Nasdaq stock exchange.
The company will have $100m (€91m) in funds, with $35m (€32m) in bridge funding provided by RTW Investments, the investment firm sponsoring HSAC, alongside investment from BVF Partners and Roivant.
With the funds raised, Immunovant expects to be able to take its sole drug candidate, IMVT-1401, through Phase II trials. The monoclonal antibody (mAb) is being explored in three different indications: myasthenia gravis, Graves’ ophthalmopathy, and warm autoimmune hemolytic anemia.
The readouts for the Phase II trials of the first two conditions are expected by the second quarter of 2020.
“We believe the potency of IMVT-1401 and the ability to administer IMVT-1401 as a simple subcutaneous injection represent important potentially differentiating features of this product candidate,” said Pete Salzmann, CEO of Immunovant.
The company stated that it would pursue additional indications for the treatment in the future.