Vical finds way out of R&D woes via reverse merger with dermatology biotech Brickell
Months after burying its third and final clinical program, Vical has turned to a reverse merger with Brickell Biotech to put an end to its misery.
The new company — in which Vical investors will retain a 40% ownership — will operate under Brickell’s name and agenda, focusing on serious dermatologic disorders like hyperhidrosis, cutaneous T-cell lymphoma and psoriasis. Following the all-stock transaction, NovaQuest Capital Management has pledged $25 million to fund near-term R&D, adding to the $35 million in cash reserve that Vical brings.
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