After scrapping initial SPAC deal, Longevity Biomedical aims to list on Nasdaq in Q4 through business combination agreement with FutureTech.
US biotech Longevity Biomedical and special purpose acquisition company FutureTech II Acquisition Corp. have announced a business combination agreement intended to establish the longevity biopharma as a Nasdaq-listed company. The announcement comes after Longevity Bio’s initial plans to go public via a SPAC merger with Denali Capital Acquisition Corp fell through this summer.
A SPAC is a publicly traded company created to acquire or merge with an existing company, and the new proposed merger with FutureTech, a Delaware-based blank-check company, sets the stage for the combined entity to operate under the ticker symbol LBIO, with the deal expected to close in Q4 2024. The deal is expected to yield cash proceeds of $26.8 million, held in trust, to fund Longevity Bio’s clinical development, and the company has also indicated the potential for a pre-transaction private investment in public equity (PIPE) financing to further support its growth plans.
Headquartered in Bothell, Washington, Longevity Bio focuses on acquiring and developing new therapeutic technologies aimed at promoting human health and longevity. The company says it has built a diversified, late-stage pipeline of treatments targeting age-related conditions in ophthalmology, cardiovascular disease, and soft tissue reconstruction, as it seeks to improving the healthspan of aging populations.
“This business combination will provide the platform to advance cutting-edge technologies spanning multiple areas of unmet medical need for the aging population,” said Bradford A. Zakes, CEO of Longevity Biomedical. “The proceeds from this transaction will allow Longevity to reach significant clinical development milestones for our leading technologies that have demonstrated successful results in clinical studies.”
Longevity Bio has a pipeline of clinical-stage therapeutic candidates, including LBI-201 – a non-invasive ultrasonic device designed to treat ischemic stroke by enhancing blood flow restoration in patients with large vessel occlusions. The device operates in conjunction with thrombolytic drug therapy, offering a potential breakthrough for stroke patients who lack immediate access to specialized thrombectomy facilities.
In addition, LBI-001, an intravenous microsphere therapy paired with ultrasound, is aimed at treating retinal vein occlusion (RVO), a leading cause of retinal blindness. This company’s approach seeks to restore blood flow in occluded retinal veins, addressing the root cause of RVO rather than merely managing symptoms.
Finally, LBI-101, an injectable off-the-shelf biomaterial derived from adipose tissue, is being developed for soft tissue reconstruction. This product is designed to provide long-term repair and regeneration of tissue, offering an alternative to current synthetic or autologous fat grafting procedures.
Following promising early-stage clinical studies, Longevity Bio plans to initiate a Phase 3 study for LBI-201 in ischemic stroke, release its Phase 2 data for LBI-101 in soft tissue reconstruction, and start a Phase 2 trial for LBI-001 in retinal vein occlusion.
