- -KBL Merger Corp. IV is set to finalize the acquisition of 180 Life Sciences Corp. during Q4 2020
- -180 Life Sciences Corp. has several ongoing programs at different stages of development, with the leading candidate in Phase 2b/3, helping mitigate the risks involved with its drug development
- -The merger with 180 Life Sciences will enable KBL Merger Corp. IV to enter a market expected to double in size by 2027
- -180 Life Sciences is growing its patent portfolio through several preclinical studies beginning in two additional areas of inflammatory novel drug studies
Special purpose acquisition corporation KBL Merger Corp. IV (NASDAQ: KBLM) completed its IPO in June 2017. The corporation raised $115 million intending to find and acquire a company with a strong value proposition primarily in the United States healthcare or healthcare-related industry.
In July 2019, KBL Merger Corp. IV signed a definitive business combination agreement for a merger with 180 Life Sciences Corp. (formerly known as CannBioRx Life Sciences Corp.), contingent on approval from KBL Merger Corp. IV. In June 2020, KBL Merger Corp. IV had completed bridge financing for the acquisition of 180 Life Sciences, which was valued by KBL at $175 million. KBL utilized share swapping to carry out the purchase.
The business combination is due to close during the fourth quarter of 2020. After the merger is complete, the company will be listed on the NASDAQ Capital Market under the ticker ‘ATNF.’ The bridge financing completion is expected to be used as working capital to complete the merger and used to advance the company’s clinical programs.
180 Life Sciences Research on Inflammation
180 Life Sciences Corp. is working on research to solve one of the world’s most significant drivers of disease – inflammation. The company currently has three programs developing novel drugs in different areas of study regarding inflammation.
The novel drug developments are currently in the areas of:
- Fibrosis and Anti-TNF
- Dupuytren’s disease (Phase 2b/3 trial) – top-line data is expected by the fourth quarter of 2021.
- Frozen Shoulder (Phase 2b trial) – scheduled to be initiated by the third quarter of 2021.
- Post-Operative Cognitive Deficit (“POCD”) (Phase 2 trial) – anticipated to begin in the fourth quarter of 2021.
- Liver Fibrosis and Nonalcoholic Steatohepatitis (“NASH”) (Preclinical Study) – set to begin late 2020.
- Inflammatory Pain
- The research for inflammatory pain is currently in the Preclinical Study status, and aims to discover novel compounds to treat chronic inflammatory pain.
- A7nAChR
- The research for the treatment of ulcerative colitis in ex-smokers, targeting the A7nAChR nicotine receptor in the body is currently in the Preclinical Study phase.
180 Life Sciences has mitigated the risks of its drug development through multiple programs at various stages of development. The company is actively decreasing costs and expediting the time to market by using grant funding and cost-effective trials internationally. Additionally, it has recruited teams with backgrounds in excellence, setting up the stage for success.
“Our scientific team has unparalleled expertise and a proven track record of developing unique drugs that improved the lives of millions of people and created companies that were later sold for billions of dollars,” KBL Merger Corp. IV CEO Dr. Marlene Krauss said when the closing of bridge financing was announced (https://ibn.fm/IhlKo). “We have assembled this world-class team to build a unique, global biotechnology company dedicated to developing novel drugs in a cost-effective manner.”
There has been an increase in demand for anti-inflammatory medication worldwide, and research indicates the market is expected to more than double within the next seven years. The value of the market in 2019 was $93.88 billion. The amount is expected to rise with a CAGR of 9.3% between 2020 and 2027, to reach $191.42 billion (https://ibn.fm/ohab2). These numbers are projected for the development of drugs for the treatment of autoimmune inflammatory diseases. Ailments covered include arthritis, asthma, sinusitis, rheumatoid arthritis, and other inflammatory conditions.
For more information, visit the companies’ websites at www.180LifeSciences.com and www.KBLMerger.com.
NOTE TO INVESTORS: The latest news and updates relating to 180 Life Sciences are available in the company’s newsroom at http://ibn.fm/180
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