The gene therapy developer focused on cardiovascular and central nervous system diseases will merge with Chardan Healthcare Acquisition 2 Corp to list on NYSE.
Renovacor, a US-based gene therapy developer spun out of Temple University, agreed to a reverse merger with special purpose acquisition company Chardan Healthcare Acquisition 2 Corp on Tuesday.
The deal includes $30m of private investment in public equity (Pipe) at $10 a share and, together with approximately $86m held in Chardan’s trust account from its IPO, the combined business will have access to gross proceeds of around $116m.
The Pipe financing is sponsored by Chardan Healthcare Investments, an affiliate of Chardan, RTW Investments, Surveyor Capital, Affinity Asset Advisors, Altium Capital, Ikarian Capital, Sio Capital Management, South Ocean Capital Management, Acorn Bioventures, Longview Ventures and Innogest Capital.
The merger is expected to close in the second quarter of 2021, following which Chardan will rename to Renovacor and trade on the New York Stock Exchange using the ticker symbol RCOR.
Renovacor is working on adeno-associated virus-based gene therapies…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
