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AEON Biopharma, a clinical-phase biopharmaceutical company specializing in botulinum toxin-based treatment for various debilitating conditions, recently concluded its much-anticipated business merger with Priveterra Acquisition Corp., a special purpose acquisition company.
Post-Merger Developments
Following the merger's completion, Priveterra Acquisition Corp. underwent a rebranding exercise, now operating under the banner of AEON Biopharma. The firm also transitioned its securities listing to the New York Stock Exchange American, where it trades under the ticker symbols AEON and AEON WS for its common stock and warrants, correspondingly.
Financing Arrangements
Alongside the merger's closure, AEON also finalized its funding arrangements, attracting up to $125 million investment. A significant portion of this funding, approximately $50 million, comes from the committed financing by both existing AEON investors and newcomers. This sum includes the $20 million previously announced funding.
The remaining funds, post-redemptions, are the residual cash in Priveterra’s trust account. These funds will be instrumental in actualizing the business merger and are projected to carry the company past the release of its Phase 2 study's topline data. This study focuses on ABP-450, a drug intended for the preventive treatment of episodic migraine, with results due to be released in fall 2023.
The Combined Entity
The new AEON Biopharma will feature a strong leadership, led by Marc Forth as CEO and Jost Fischer as Chairman of the Board of Directors. The team is excited about the recent transactions and looks forward to making strides in the development of a therapeutic-only botulinum toxin.
Key Clinical Milestones
The capital raised from the recent transactions will aid the clinical development of ABP-450, intended to treat various debilitating conditions such as episodic and chronic migraine, cervical dystonia, and gastroparesis. Over the next 18 months, AEON Biopharma plans to deliver several key clinical milestones, including:
Announcing topline data from the ongoing Phase 2 study for episodic migraine in fall 2023.
Releasing topline data from the ongoing Phase 2 study for chronic migraine in 2024.
Initiating a pivotal Phase 3 study for cervical dystonia in 2024.
About ABP-450
ABP-450 is a 900 kDa botulinum toxin type-A complex produced by the bacterium Clostridium botulinum. The active part of the botulinum toxin is the 150 kDa component, with the rest comprised of accessory proteins that aid the toxin's function. When injected at therapeutic levels, ABP-450 blocks peripheral acetylcholine release at presynaptic cholinergic nerve terminals, leading to denervation and muscle relaxation.
AEON Biopharma's Focus
AEON Biopharma is committed to developing its proprietary botulinum toxin complex, ABP-450, for various debilitating medical conditions, with a primary focus on the neurosciences market. The company recently completed a Phase 2 study of ABP-450 for the treatment of cervical dystonia and has an ongoing Phase 2 study for chronic and episodic migraine prevention.
Manufacturing and Distribution Rights
ABP-450, manufactured by Daewoong in compliance with current Good Manufacturing Practice, is the same botulinum toxin complex approved and marketed for cosmetic indications by Evolus under the name Jeuveau. AEON has exclusive development and distribution rights for therapeutic indications of ABP-450 in parts of the United States, Canada, the European Union, the United Kingdom, and other international territories.
The AEON Team
The company boasts a highly experienced management team, specifically experienced in biopharmaceutical and botulinum toxin development and commercialization.
To learn more about AEON and the development of its therapeutic neurotoxin, visit www.aeonbiopharma.com.
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The information contained in this blog post is for informational purposes only and should not be used as a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding a medical condition. Never disregard professional medical advice or delay in seeking it because of something you have read on this blog.
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