Lara Sullivan, Pyxis Oncology CEO

Small SPAC to tiny sale: Apex­i­gen sprints to Pyx­is On­col­o­gy in $16M ex­it

Pyx­is On­col­o­gy, the pub­lic Boston biotech breath­ing life in­to Pfiz­er’s an­ti­body-drug con­ju­gates plat­form, will buy Apex­i­gen, a small on­col­o­gy out­fit that went pub­lic in a blank-check deal just last sum­mer. Mean­while, CMO Jay Fein­gold will leave next month.

For $16 mil­lion, via an all-stock deal that will see Apex­i­gen share­hold­ers own about 10% of the com­bined com­pa­ny, Pyx­is gets ac­cess to an an­ti­body dis­cov­ery plat­form and a Phase II CD40 ag­o­nist. Apex­i­gen was an ear­ly dar­ling at AACR in 2019 with soti­gal­imab and fol­lowed that up with a $123 mil­lion Se­ries C in March 2020. But the Cal­i­for­nia biotech would even­tu­al­ly raise much less in a flip on­to the pub­lic mar­kets for $19 mil­lion last Au­gust.

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