The combined company will seek to become a leader in the field of geotherapeutics, which are medicines which target the root biological causes of aging.
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After plans for a previous merger were called off earlier in March, Framingham biopharma firm Pulmatrix has announced plans to merge with Eos SENOLYTIX, a Houston-based biotech company.
The deal, announced in a Thursday press release, will see Pulmatrix acquire Eos, with the combined company operating under the Eos SENOLYTIX name and traded on the Nasdaq stock exchange under the ticker EOSX.
Connected to the merger, the two firms have entered into a definitive agreement which will see Florida-based Rapha Capital Management provide $19 million in financing.
“We believe this transaction provides Pulmatrix stockholders the opportunity to participate in the future growth of a company developing a differentiated platform addressing diseases with significant unmet medical need,” Peter Ludlum, CEO of Pulmatrix, said in the press release. “Eos’s innovative approach to targeting mitochondrial dysfunction and senescent cells represents a compelling scientific and strategic opportunity that builds on the recent approval of Forzinitytm (elamipretide), the first FDA-approved mitochondrial-targeted therapeutic.”
The combined company will seek to become a leader in the field of geotherapeutics, which are medicines which target the root biological causes of aging. Eos is working on a treatment to combat age-related decline by improving body composition through the increase of lean mass while simultaneously reducing harmful fats. The company says the treatment will lead to more healthy weight loss than existing treatment options on the market.
The merger is expected to close by the middle of this year. Pulmatrix stockholders are expected to own about 6% of the combined company, while Eos investors will own the other 94%.
Established in 2003, Pulmatrix has specialized in the development of inhaled therapeutics to treat conditions. The company had planned to merge with San Diego-based drug developer Cullgen, but that merger was called off after Cullgen announced it would be acquired by fellow San Diego-based firm Gyre Therapeutics.
Eos was founded in 2017 with the goal of improving health span and increasing lifespan, according to Pitchdeck.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
