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American Gene Technologies thinks spin spin spin is how you win, as HIV unit heads to SPAC

2023-08-10

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细胞疗法临床1期并购基因疗法免疫疗法

AGT formed the Addimmune spin-off to focus on clinical development and eventual commercialization of a functional cure for HIV.

AGTrican Gene Technologies (AGT) may be a little bit dizzy with all this spinning. The biotech has inked a blank-check deal for subsidiary Addimmune, signing off the HIV-focused unit to special purpose acquisition company 10X Capital Venture Acquisition Corp. III.

American Gene Technologies (AGT)une, taking a mid-stage HIV cell therapy with it. Now, AGT has entered a deal with 10X III to take the spinAddimmunec, with all non-HIV assets being spun out into a separate entity that will10X Capital Venture Acquisition Corp.expected to close in the first quarter of 2024, has already been approved by both companies’ board of directors.

In relation to the propoAGT, 10X III and AGT have inked a non-binding letter of intent AGT a $50 million committed equity facility. Once the deal is final, Addimmune stockholders will move 100% of equity into the combined companAGT

The proposal represents a pre-money enterAGTse value of $500 million for Addimmune and also offers the potential for $300 million tied to various milestonesAddimmune

Addimmune will trade under ticker symbol “HIV,” with AGT CEO Jeff Galvin set to helm the new company.

Addimmunech’s investigational HIV candidate, dubbed AAGT03-T, is a single-dose autologous cell therapy designed to harden T cells against HIV infection and depletion. In 2021, Addimmune finished a phase 1 trial assessing the therapy in seven patients with HIV. The trial, alongside a separate sponsor-initiated follow-on study, showed active immune responses to HIV up to six months after dosing, according to AGT. The clinical findings are the reason AGT formed the spin-off to focus on clinical development and eventual commercialization of a functional cure for HIV.

“We believe that people living with HIV may no longeAGT103-Te lifelong treatment and we imagine a day when this disease no longer causes sHIV infectionlaims lives anywhere in the world,” CEO Galvin said in a Aug. 10 release.

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