Here’s a new way to raise mon­ey for your biotech. This trail­blaz­er came out $61M ahead with a place on the NYSE

When Jonathan Solomon first heard about a SPAC, he had no idea what it was. But now that the CEO has com­plet­ed the first one in biotech, com­ing out with a fresh $61 mil­lion in fi­nanc­ing while mak­ing the pub­lic flip to the New York Stock Ex­change, he’s a con­vert to the cause.

And there are more com­ing.

There have been hun­dreds of SPACs — Spe­cial Pur­pose Ac­qui­si­tion Com­pa­nies, of­ten called a blank-check com­pa­ny — out over the years, es­pe­cial­ly dur­ing the big wave of IPOs we’ve been see­ing. But not in the biotech field, which is see­ing some chop­py wa­ters and head­winds af­ter an ex­tra­or­di­nary 5-year run on the IPO mar­ket. Some of the ex­ecs at Chardan put to­geth­er this maid­en biotech SPAC — dubbed Chardan Health­care Ac­qui­si­tion Corp, or CHAC — that wound up opt­ing for Solomon’s Is­raeli mi­cro­bio­me out­fit Bio­mX — which is of­fi­cial­ly clos­ing the un­ortho­dox re­verse merg­er to­day.

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Life Sciences Senior Associate

General Catalyst

San Francisco, CA, USA