Tony Coles takes second neuroscience startup public as Yumanity reverse merges
Maybe Tony Coles just doesn’t like IPOs.
A month after taking one of his two neuroscience biotechs — Cerevel — public as part of a $445 million SPAC transaction, the longtime executive and drug developer is taking the other one public as part of a reverse merger. Yumanity Therapeutics will reverse merge with struggling cystic fibrosis biotech Proteostasis Therapeutics.
In an interview after Cerevel went public, Coles noted the stability a SPAC could give over an IPO during a turbulent market. On Monday, he talked up the shared scientific background between Yumanity and Proteostasis.
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