REG - Hemogenyx Pharma Plc - Strategic Investment from Prevail Partners, LLC

Hemogenyx PharmaceuticalsAnnouncement

18/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230918:nRSR6805Ma&default-theme=true

RNS Number : 6805M  Hemogenyx Pharmaceuticals PLC  18 September 2023

18 September 2023

 

Hemogenyx Pharmaceuticals plc

("Hemogenyx Pharmaceuticals" or the "Company")

 

Hemogenyx Pharmaceuticals Announces Strategic Investment from Prevail
Partners, LLC

 

·    Prevail Partners, LLC to invest in Hemogenyx Pharmaceuticals.

·    Prevail InfoWorks, Inc. to act as Contract Research Organization
(CRO) for upcoming Phase I clinical study, expected to commence in 2023.

 

Hemogenyx Pharmaceuticals plc (LSE: HEMO), the biopharmaceutical group
developing new therapies and treatments for blood diseases, announces that
Prevail Partners, LLC ("Prevail Partners"), an investment fund, has agreed to
invest in the Company through a subscription for 11,066,667 ordinary shares
(the "New Ordinary Shares") at a price of US$0.075 per share (approximately
£0.06) for the total sum of $830,000 (approximately £668,000). The
subscription price represents a premium of approximately 240% to the Company's
closing share price on 14 September 2023, when agreement was reached as to the
final terms of the investment. The agreement governing the subscription (the
"Subscription Agreement") contains customary warranties from the Company and
Prevail Partners. Following allotment, Prevail Partners will hold
approximately 0.96% of the Company's issued share capital.

The Company's wholly owned subsidiary, Hemogenyx Pharmaceuticals LLC, has also
signed a Master Service and Technology Agreement ("MSTA") with Prevail
InfoWorks, Inc. ("InfoWorks"), a Philadelphia, PA based Contract Research
Organization (CRO) and affiliate of Prevail Partners. Under the terms of the
MSTA, InfoWorks is to provide clinical services and technologies for the
Company's upcoming Phase I study of its anti-FLT3 chimeric antigen
receptor-redirected T cells ("CAR-T cells") in subjects with
relapsed/refractory acute myeloid leukemia (AML). Services include clinical
site coordination, project management, data management, clinical monitoring,
and pharmacovigilance (safety management) services, and the use of InfoWorks'
integrated real-time data analytics platform, The Single Interface®, for
clinical support and real-time data analysis. The MSTA has an initial term of
40 months, and Hemogenyx Pharmaceuticals LLC has agreed an initial statement
of works relating to the Phase I AML study.

The subscription funds will in large part defray the payment made by the
Company for the first stage of the work being undertaken by InfoWorks under
the MSTA.

Dr Vladislav Sandler, CEO & Co-Founder of Hemogenyx Pharmaceuticals,
commented: "As we seek to bring the curative power of cell therapies to a
greater number of patients suffering from otherwise incurable life-threatening
diseases, we are very confident in Prevail InfoWorks' ability to coordinate
our Phase I clinical trial in relapsed/refractory AML. Their operational
experience and expertise will enable a smooth execution of the study, while
their specialization in real-time data integration and analytics will ensure
fast, reliable data access to lower our clinical risk and potentially speed up
our regulatory timeline. Prevail Partners' strategic investment in the Company
demonstrates their confidence in our CAR-T program and in our ability to
execute the upcoming clinical study."

Mary Schaheen, President of Prevail Partners, stated: "Everyone at our fund is
confident in the growth and success of Hemogenyx Pharmaceuticals as they
develop CAR-T cells to target acute myeloid leukemia. Furthermore, Hemogenyx
Pharmaceuticals has a seasoned management team with the expertise to
accelerate the company to a significant value inflection point through the
completion of its planned clinical trial."

 

About AML and CAR-T Therapy

AML, the most common type of acute leukemia in adults, has poor survival rates
(a five-year survival rate of less than 30% in adults) and is currently
treated using chemotherapy, rather than the potentially more benign and
effective form of therapy being developed by Hemogenyx Pharmaceuticals. The
successful development of a new therapy for AML would have a major impact on
treatment and survival rates for the disease.

CAR-T therapy is a treatment in which a patient's own T-cells, a type of
immune cell, are modified to recognize and kill the patient's cancer cells.
The procedure involves: isolating T-cells from the patient; modifying the
isolated T-cells in a laboratory using a CAR gene construct (which allows the
cells to recognize the patient's cancer); amplifying (growing to large
numbers) the newly modified cells; and re-introducing the cells back into the
patient.

Allotment of Ordinary Shares and Applications for Admission

The New Ordinary Shares will be allotted and issued subject to receipt of the
subscription monies from Prevail Partners, which is to be made within 5
business days from the date of the Subscription Agreement and MSTA (such date
being 14 September 2023). Applications will be made for the New Ordinary
Shares to be admitted to the standard segment of the Official List and to
trading on the Main Market for listed securities of London Stock Exchange plc.
It is expected that admission will become effective on or around 29 September
2023.

The New Ordinary Shares will, on admission, rank pari passu in all respects
with the ordinary shares currently in issue and will rank in full for all
dividends and other distributions hereafter declared, paid or made on the
ordinary share capital of the Company.

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company will have
1,153,065,988 ordinary shares in issue, each share carrying the right to one
vote.

This figure of 1,153,065,988 ordinary shares may be used by shareholders in
the Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been inside
information for the purposes of Article 7 of Regulation No 596/2014 (as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018) until the release of this announcement. The person responsible for
arranging for the release of this announcement on behalf of Hemogenyx
Pharmaceuticals plc is Dr Vladislav Sandler, Chief Executive Officer &
Co-Founder.

 

Enquiries:

 

 Hemogenyx Pharmaceuticals plc                                   https://hemogenyx.com (https://hemogenyx.com/)
 Dr Vladislav Sandler, Chief Executive Officer & Co-Founder      headquarters@hemogenyx.com (mailto:headquarters@hemogenyx.com)
 Peter Redmond, Director                                         peter.redmond@hemogenyx.com (mailto:peter.redmond@hemogenyx.com)

 SP Angel Corporate Finance LLP                                  Tel: +44 (0)20 3470 0470
 Matthew Johnson, Vadim Alexandre, Adam Cowl

 Peterhouse Capital Limited                                      Tel: +44 (0)20 7469 0930
 Lucy Williams, Duncan Vasey, Charles Goodfellow

 

 

About Hemogenyx Pharmaceuticals plc

Hemogenyx Pharmaceuticals is a publicly traded company (LSE: HEMO)
headquartered in London, with its US operating subsidiaries, Hemogenyx
Pharmaceuticals LLC and Immugenyx LLC, located in New York City at its
state-of-the-art research facility.

The Company is a pre-clinical stage biopharmaceutical group developing new
medicines and treatments to treat blood and autoimmune disease and to bring
the curative power of bone marrow transplantation to a greater number of
patients suffering from otherwise incurable life-threatening diseases.
Hemogenyx Pharmaceuticals is developing several distinct and complementary
product candidates, as well as a platform technology that it uses as an engine
for novel product development.

 

About Prevail Partners, LLC

Prevail Partners, LLC is a corporate strategic investment fund investing in
clinical stage therapeutics companies. More information is available at
https://prevailpartners.com/ (https://prevailpartners.com/) .

 

About Prevail InfoWorks, Inc.

Prevail InfoWorks, Inc. is a global full-service CRO/FSP and one-stop-shop for
clinical trial services and systems. More information is available at
https://prevailinfoworks.com/ (https://prevailinfoworks.com/) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZGMLKVGGFZM