Clene Nanomedicine Closes Merger with Tottenham Acquisition I Limited and Provides Corporate Update
Common stock of the merged company, Clene Inc., to commence trading on the NASDAQ Capital Market under the ticker symbol “CLNN” on December 31, 2020
Clinical pipeline includes an ongoing Phase 3 study in amyotrophic lateral sclerosis (ALS) and four concurrent Phase 2 studies in ALS, multiple sclerosis and Parkinson’s disease
Proceeds from the transaction totaled approximately $31.9 million, combining funds held in Tottenham’s trust account and a concurrent $22.4 million PIPE financing
SALT LAKE CITY, Dec. 30, 2020 (GLOBE NEWSWIRE) -- Clene Nanomedicine, Inc. (“Clene”) (NASDAQ: CLNN), a clinical-stage biopharmaceutical company, today announced the closing of a merger with Tottenham Acquisition I Limited (“Tottenham”) and provided a corporate update. Proceeds from this transaction totaled approximately $31.9 million, which included funds held in Tottenham’s trust account and a concurrent private placement investment in public equity (PIPE) financing led by existing Clene shareholders. Tottenham shareholders approved the transaction on December 30, 2020. The combined, publicly traded company will operate under the name Clene Inc., and its common stock will commence trading on the NASDAQ Capital Market on December 31, 2020, under the ticker symbol “CLNN.” Clene’s management team will continue leading the merged company following this transaction.
“Since its inception, Clene has sought to revolutionize the treatment of neurodegenerative disease by leveraging the power of neuro-reparative nanocatalysis to enhance cellular bioenergetic mechanisms,” said Rob Etherington, president and chief executive officer of Clene. “Through the successful execution of this strategy, we have advanced our lead asset, CNM-Au8, into Phase 2 and 3 clinical studies that aim to address neurodegenerative diseases of high unmet medical need, such as multiple sclerosis, Parkinson’s disease, and amyotrophic lateral sclerosis. We are thrilled to have the added financial flexibility provided by Tottenham, our PIPE investors and existing shareholders as we advance these trials and the rest of our nanotherapeutic pipeline as a public company. This, combined with our interim clinical data set, leaves us well-positioned to deliver multiple value-creating milestones as we seek to shift the paradigm of neurodegenerative disease treatment and improve the lives of patients.”
Recent Achievements and Outlook
CNM-Au8 for the treatment of amyotrophic lateral sclerosis (ALS):
Blinded interim data from the Phase 2 RESCUE-ALS trial, as presented at the 31st International Symposium on ALS/MND:
Launched patient enrollment in the HEALEY ALS Platform Trial:
CNM-Au8 for the treatment of multiple sclerosis (MS):
Blinded interim data from the Phase 2 VISIONARY-MS trial, as presented at the MSVirtual2020 Meeting:
Interim data from the Phase 2 REPAIR-MS trial, as presented at the MSVirtual2020 Meeting:
CNM-Au8 for the treatment of Parkinson’s disease (PD):
Interim data from the Phase 2 REPAIR-PD trial, as presented at the MSVirtual2020 Meeting:
CNM-AgZn17 for the treatment of infectious diseases, including COVID-19:
Launching a Phase 2 trial in COVID-19 patients in Brazil:
Appointed Ted Jeong as Chief Financial Officer:
Matt Gardner, who has led the Clene finance team for the past five years, is Vice President of Finance.
About this Transaction
As a result of this business combination, Clene received proceeds of approximately $31.9 million prior to transaction expenses, which includes approximately $9.5 million from Tottenham’s trust account and approximately $22.4 million from PIPE investors led by existing Clene shareholders.
The description of the business combination contained herein is only a high-level summary and is qualified in its entirety by the more detailed description of the terms of the transaction provided in the definitive proxy statement/prospectus filed with the U.S. Securities and Exchange Commission on December 18, 2020.
Advisors: LifeSci Capital LLC and Chardan Capital Markets, LLC are acting as M&A and financial advisors to the parties in this transaction. Loeb & Loeb LLP is acting as legal advisor to Tottenham. Kirkland & Ellis LLP and Stoel Rives LLP, Clene’s local counsel, are acting as the legal advisors to Clene.
About the HEALEY ALS Platform Trial
About REPAIR-MS and REPAIR-PD
Source: Clene Inc.