Mentioned:
There’s a new GLP-1 company coming soon to Wall Street.
What’s happening:
- Corxel US has entered into a business combination with Amanat Acquisition Corp (NASDAQ: AMAN) to become a publicly traded company on the Nasdaq
By the numbers:
- The SPAC deal values Corxel US at approximately $200M USD
Why it matters:
- Corxel US has a Phase III ready oral GLP-1 drug that has shown in early clinical trials up to 11.5% weight loss at 36 weeks in a Phase II trial in the United States and roughly 12% weight los at 52 weeks in a Phase III trial in China
Going deeper:
- Corxel US will raise $300M USD in a concurrent equity financing round with commitments from RTW Investments, New Enterprise Associates, SR One and HBM Healthcare
- Corxel US’ Phase II clinical trial showed only roughly 5% of patients quitting due to GI side effects, which is similar to the results of the oral GLP-1 pills from Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO)
