By Colin Kellaher
Selecta Biosciences has combined with fellow clinical-stage biotechnology company Cartesian Therapeutics in an all-stock reverse merger.
Selecta on Monday said the deal creates a combined company with a cash balance topping $110 million, including more than $60 million from a private financing led by board member Timothy Springer.
Selecta, based in Watertown, Mass., said its shareholders will own about 26.9% of the combined company, which has been renamed Cartesian Therapeutics and will trade under the symbol RNAC starting Tuesday.
A reverse merger allows a private company to go public by merging with a listed company at a lower cost than is involved in a traditional initial public offering.
Selecta said it expects the combined company will have the resources to support the development of Cartesian's pipeline through the Phase 3 study of lead product candidate, Descartes-08, for the treatment of myasthenia gravis.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 13, 2023 08:40 ET (13:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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