Veraxa Biotech uses SPAC for registration on Nasdaq

(CONNECT) Veraxa Biotech AG and Voyager Acquisition Corp., a company registered in the Cayman Islands and headquartered in Houston, Texas, have agreed to merge. According to a press release, this will create a Nasdaq-listed biopharmaceutical company focused on developing a comprehensive pipeline of next-generation cancer therapies.

In this transaction, Voyager acts as a blank check or shell company (Special Purpose Acquisition Company, SPAC). SPACs are financial vehicles established for the sole purpose of acquiring non-listed private companies. As part of such a takeover, the acquired company is automatically listed on the stock exchange.

Veraxa is advancing an AI-driven platform for the discovery and development of Antibody Drug Conjugates (ADCs) and other novel antibody-based therapeutic concepts. The Zurich-based company is pursuing two drug modalities: next-generation bispecific antibody drug conjugates (BiTAC ADCs and bsADCs) and bispecific antibodies (T-cell engagers or TCEs).

"Side effects all too often limit today's cancer therapies and prevent doctors from using optimal dosages," Veraxa CEO and co-founder Dr. Christoph Antz is quoted as saying. "Our latest platform innovation, the BiTAC format, is specifically designed to address this problem and create best-in-class drug candidates with unparalleled safety and efficacy."

Oliver Baumann is Acting Chairman of the Veraxa Board of Directors and CEO of one of the previous main investors, the listed Zurich life sciences incubator fund Xlife Sciences. He emphasises that Veraxa's planned listing on Nasdaq underscores the company's mission to "bring breakthrough science from the lab to the field and to the market. ce/mm