Orphinic Scientific merges with US company; will raise $50 million and aims for Nasdaq listing

Orphinic Scientific biotechnology holding, after conducting two rounds of financing in Poland this year, worth approx. PLN 40 million, plans to move to the USA through a merger with the portfolio company VASA Therapeutics. The next step will be to conduct a pre-IPO worth USD 20-40 million and an IPO worth approximately USD 50 million in the United States and debut on Nasdaq within a maximum of 24 months.

“We have 4 stages planned in the strategic raising of capital. The first stage is to raise capital in Poland. The next step is the transfer to the United States through a merger with the portfolio company VASA Therapeutics. In the meantime, we will be working on the preparation of the pre-IPO round in the United States, ”said Orphinic Scientific co-founder and director of mergers and acquisitions, Wojciech Tomikowski, during the webinar.

Following the merger with VASA Therapeutics planned for this year, Orphinic will change its name to Orphinic Incorporated, a Delaware registered company with headquarters in San Diego.

“We have already signed a letter of intent with the portfolio company VASA – 47% stake for a potential merger of the companies. The transaction will allow access to the capital market, obtaining a higher valuation in the planned pre-IPO financing round, ”said Włodzimierz Łoziński, chief operating officer.

As he indicated, the merger with VASA Therapeutics will transform Orphinic into a global company, with a strategic center in the USA and an operational center in CEE.

The company announced that so far it has financed the development of portfolio projects in the total amount of PLN 8.6 million. TraMag and DEBN – projects closest to the sale – required approximately 38% of the funds used, while the two VASA programs, scheduled for sale in 2024, accounted for approximately 41% of the funds used.

Orphinic Scientific was established in 2019 as the first Polish biotech portfolio company creating innovative solutions for orphan (rare) diseases and other indications with significant and unmet medical needs in the clinical trial phase.

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