Peak Bio and Ignyte Acquisition Corp. Announce Business Combination Agreement to Create Publicly Listed Oncology and Inflammation Company
- Company to be led by Hoyoung Huh, M.D. Ph.D., serial entrepreneur / investor with notable public and private biotech board positions
- $25 million private investment in public equity ("PIPE") with participation from leading healthcare institutional investor, Palo Alto Investors (PAI) with additional participation from Peak Bio's CEO, Hoyoung Huh, MD, Ph.D.
- Differentiated pipeline includes next generation Neutrophil Elastase Inhibitor targeting AATD / ARDS and robust preclinical ADC oncology platform utilizing Antibody Drug Conjugates
- Anticipated cash at closing expected to fully fund the company through 2024 allowing for multiple milestones in ADC program and interim Phase II for A
