Chardan's blank check com­pa­ny picks mi­cro­bio­me play­er Bio­mX for $70M re­verse merg­er

An un­ortho­dox re­verse merg­er has cat­a­pult­ed Is­raeli biotech Bio­mX on­to the Amer­i­can stock mar­ket and in­fused as much as $70 mil­lion in­to the start­up.

The in­vest­ment bankers at Chardan set up the blank check com­pa­ny Chardan Health­care Ac­qui­si­tion Corp and list­ed it on the NYSE in wait of a biotech play­er that could ben­e­fit from a pub­lic list­ing and their cash re­sources. When in­vestors bought in­to the IPO $CHAC last De­cem­ber, they were bet­ting on lit­tle more than the vi­sion and rep­u­ta­tion of the man­ag­ing part­ners.

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