Chemomab Therapeutics, Scipher Medicine to Merge in All-Stock Deal

Chemomab Therapeutics (CMMB) and Scipher Medicine have entered into an all-stock merger agreement, the companies said Wednesday. Under the terms of the merger, Chemomab equity holders are expected to own around 32% of the combined company, and Scipher equity holders are expected to own around 68%, the companies said. Upon completion of the deal, the combined company expects to operate as Scipher Medicine and trade on Nasdaq under the ticker symbol "SCIP," the companies said. The combined company plans to focus initially on advancing nebokitug into a phase 2 trial for the treatment of rheumatoid arthritis, the companies said. In support of the merger, a group of Scipher investors led by Northpond Ventures has committed to a $30 million investment in the combined company, the companies said. The group includes Khosla Ventures, Blue Owl Healthcare Opportunities, funds managed by Neuberger and other investors.