The Combined Company Is Expected To Trade On Nasdaq Post-Closing Under A New Ticker Symbol
Mediforum is a leading biotechnology company in Korea that focuses on researching and developing ethical drugs and diagnostic reagents, and strategic application products primarily derived from natural material i.e., Korean and oriental traditional medicine to ensure safety and efficacy.
Mediforum has been principally involved in drug development with two pipeline drugs: PM012 for Alzheimer's Disease (AD); and MF018 for Chemotherapy-Induced Peripheral Neuropathy (CIPN), both currently are in Phase 2b and Phase 2 clinical trials in Korea, respectively.
Mediforum will have a pre-money enterprise value of US$250 million at closing, and is also looking to secure additional financing in an amount up to US$50 million from private placement of equity, debt or other alternative financing.
NEW YORK, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the "Company" or "VSAC"), a special purpose acquisition company, announced today that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Mediforum Co., Ltd ("Mediforum"), a prominent biotechnology company based in Korea, specializing in the research and development of ethical drugs, diagnostic reagents, and strategic application products, providing for a proposed business combination that, if consummated, will result in Mediforum becoming a publicly listed company. Subject to the terms and conditions set forth in the Merger Agreement, upon the closing of the transactions, the combined company will be listed on NASDAQ under a new ticker symbol.
Mediforum, a leading biotechnology firm in Korea, stands as a global pioneer in biotechnology, dedicated to advancing biomedical sciences through innovative and ethical practices. Founded by accomplished researchers, the company's mission revolves around improving the quality of life for those facing conditions such as Alzheimer's disease (AD) and neuropathic pain. With a diverse portfolio ranging from anti-dementia medications to health functional foods, Mediforum is at the forefront of biomedical innovation. Notably, their flagship product, PM012, is currently undergoing Phase 2b clinical trials for Alzheimer's disease (AD) with plans for subsequent Phase 3 trials in Korea and the U.S. Additionally, PM012 is exploring indication expansion for Parkinson's disease (PD) and stroke, showcasing its potential in addressing broader neurological challenges. Actively addressing the non-narcotic therapies, Mediforum is also developing MF018, currently in Phase 2 clinical trials for Chemotherapy-Induced Peripheral Neuropathy (CIPN). Following the successful Phase 2 trials, Phase 3 clinical trials are planned in Korea and the U.S. for MF018. The evaluation for diabetic peripheral neuropathy (DPN) further positions MF018 as a versatile solution in neuropathic conditions. The company recently achieved a milestone by becoming the first Korean biotech entity to list on NASDAQ, solidifying its global industry leadership. Mediforum's corporate culture, centered on technology, innovation, and leadership, underscores its commitment to transformative healthcare solutions.
Mediforum's current management team is expected to continue running the combined company after the transaction.
"Mediforum is thrilled to announce the merger with VSAC and its debut on the NASDAQ. The company has made significant progress in the field of Alzheimer's disease (AD) treatment development, and the recently released interim results from the Phase 2b clinical trial are reinforcing the company's success in this area. The company's Alzheimer's disease (AD) treatment, fundamentally different from existing treatments, is a ground-breaking therapeutic agent that effectively treats dementia. If launched, it is expected to debut as a revolutionary treatment in the field of biomedicine." said Chankyu Kim, Chairman of Mediforum.
George Sobek, Chief Executive Officer of VSAC added, "We are very excited about the business combination with Mediforum and the opportunity the transaction affords to our investors. Mediforum has built a unique pipeline of pharmaceutical formulations that have shown great promise in treatment for Alzheimer's, Parkinson's disease, stroke and Chemotherapy Induced Peripheral Neuropathy. We are pleased to participate in these important contributions toward treatment of these major conditions."
"Facilitating and coordinating this collaboration among the parties was no small feat. Despite the challenges posed by experiential differences and diverse origins, our collective commitment and strategic vision have triumphed. I commend the dedicated efforts of all parties involved" said Jason Wong, Founder and CEO of Norwich Capital Limited
Transaction Terms
Under the terms of the Merger Agreement, a new company will be formed in British Virgin Islands ("PubCo") for the purpose of participating in the transactions contemplated in the Merger Agreement and becoming the publicly traded holding company upon the closing of the business combination. Prior to the closing, (i) Mediforum will restructure and redomesticate ("Restructuring and Redomestication") to the British Virgin Islands (the "BVI Company"); (ii) Merger Sub 1, a British Virgin Islands business company and wholly owned subsidiary of PubCo, will be formed for the purpose merging with and into the BVI Company ("Initial Merger"), the separate existence of Merger Sub 1 will cease and the BVI Company will be the surviving corporation of the Initial Merger; (iii) Merger Sub 2, a Delaware company and wholly owned subsidiary of PubCo, will be formed for the purpose merging with and into VSAC ("SPAC Merger"), the separate existence of Merger Sub 2 will cease and VSAC will be the surviving corporation of the SPAC Merger. Both the surviving corporations of Initial Merger and SPAC Merger will be direct wholly owned subsidiaries of PubCo.
The consideration for the transaction (the "Merger Consideration") shall be $250,000,000. Upon the closing, the shareholders of the BVI Company will receive 25,000,000 Class A Ordinary Shares of PubCo, valued at $10.00 per share ("PubCo Shares"), as the Merger Consideration.
The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the transaction, a copy of which will be filed by VSAC with the SEC as an exhibit to a Current Report on Form 8-K. Other interested parties are urged to read the Merger Agreement in its entirety.
About Mediforum
Mediforum Co., Ltd is a leading Korean biotechnology company established in 2015, headquartered in Seoul, Korea and led by a management team that has a deep understanding of the biotech industry and a proven track record of success. Mediforum's mission is to enhance the quality of life for those facing conditions like Alzheimer's disease (AD) and neuropathic pain. With a diverse portfolio, including anti-dementia medications and health functional foods, our flagship product, PM012, is currently in Phase 2b trials for Alzheimer's disease (AD), with plans for subsequent Phase 3 trials in Korea and the U.S. PM012 also explores indications for Parkinson's disease (PD) and stroke. Addressing the non-narcotic therapies, MF018 is in Phase 2 for Chemotherapy-Induced Peripheral Neuropathy (CIPN), with Phase 3 trials planned. Its versatility extends to Diabetic Peripheral Neuropathy (DPN). As Mediforum anticipate its listing on NASDAQ, Mediforum is poised to become the first Korean biotech on this global platform, solidifying their commitment to technology, innovation, and transformative healthcare solutions. For more information, please visit:
Norwich Capital Limited and American General Business Association & SME Overseas IPO Capital Group are acting as the Lead Advisor and Co-Advisor for Mediforum, Loeb & Loeb LLP is acting as the US Legal Counsel to Mediforum and Next Law LLP is acting as the Korean Legal Counsel to Mediforum.
About Vision Sensing Acquisition Corp.
Vision Sensing Acquisition Corp. ("VSAC") is a Special Purpose Acquisition Company ("SPAC") that has been established to focus on the acquisition of a private technology company. For more information visit .
EF Hutton, division of Benchmark Investments, LLC, is serving as Capital Market Advisor to VSAC and ARC Group Limited is serving as Financial Advisor to VSAC.
合併後的公司預計將在收盤後在納斯達克以新的股票代碼進行交易
紐約,2024年1月16日(GLOBE NEWSWIRE)——特殊目的收購公司視覺傳感收購公司(納斯達克股票代碼:VSACU、VSAC、VSACW)(“公司” 或 “VSAC”)今天宣佈,它已與總部位於韓國的著名生物技術公司Mediforum有限公司(“Mediforum”)簽訂最終協議和合並計劃(“合併協議”),專門從事倫理藥物、診斷試劑和戰略應用產品的研究和開發,提供擬議的業務合併,該合併如果得到完善,將產生在 Mediforum 成爲一家上市公司。根據合併協議中規定的條款和條件,交易完成後,合併後的公司將以新的股票代碼在納斯達克上市。
韓國領先的生物技術公司Mediforum是生物技術的全球先驅,致力於通過創新和道德實踐推動生物醫學發展。該公司由成就卓著的研究人員創立,其使命圍繞改善阿爾茨海默氏病(AD)和神經病理性疼痛等疾病患者的生活質量。Mediforum擁有從抗癡呆藥物到健康功能食品的多樣化產品組合,處於生物醫學創新的最前沿。值得注意的是,他們的旗艦產品 PM012 目前正在進行鍼對阿爾茨海默氏病 (AD) 的 2b 期臨床試驗,並計劃隨後在韓國和美國進行三期試驗。此外,PM012 正在探索擴大帕金森氏病 (PD) 和中風的適應症,展示其在應對更廣泛的神經系統挑戰方面的潛力。Mediforum還在積極研究非麻醉性療法,目前正在開發 MF018,目前正處於化療誘發性周圍神經病變(CIPN)的二期臨床試驗中。繼成功進行二期試驗之後,計劃在韓國和美國針對 MF018 進行三期臨床試驗。對糖尿病周圍神經病變 (DPN) 的評估進一步將 MF018 定位爲神經病理疾病的多功能解決方案。該公司最近實現了一個里程碑,成爲第一個在納斯達克上市的韓國生物技術實體,鞏固了其全球行業領導地位。Mediforum的企業文化以技術、創新和領導力爲中心,凸顯了其對變革性醫療解決方案的承諾。
預計交易完成後,Mediforum的現任管理團隊將繼續管理合併後的公司。
“Mediforum很高興地宣佈與VSAC合併並在納斯達克首次亮相。該公司在阿爾茨海默病(AD)治療開發領域取得了重大進展,最近發佈的2b期臨床試驗中期結果鞏固了該公司在這一領域的成功。該公司的阿爾茨海默病(AD)療法與現有療法有根本的不同,是一種開創性的治療藥物,可有效治療癡呆症。如果推出,它有望作爲生物醫學領域的革命性療法首次亮相。” Mediforum主席Chankyu Kim說。
VSAC首席執行官喬治·索貝克補充說:“我們對與Mediforum的業務合併以及該交易爲我們的投資者提供的機會感到非常興奮。Mediforum已經建立了一條獨特的藥物製劑產品線,這些製劑在治療阿爾茨海默氏症、帕金森氏病、中風和化療誘發的周圍神經病變方面顯示出巨大的前景。我們很高興參與爲治療這些重大疾病所做的這些重要貢獻。”
“促進和協調各方之間的這種合作絕非易事。儘管經驗差異和不同起源帶來了挑戰,但我們的集體承諾和戰略願景取得了勝利。我讚揚所有相關各方的辛勤努力。” 諾威資本有限公司創始人兼首席執行官黃傑森說。
交易條款
根據合併協議的條款,將在英屬維爾京群島成立一家新公司(“PubCo”),目的是參與合併協議中設想的交易,並在業務合併完成後成爲上市控股公司。在收盤前,(i)Mediforum將重組並重新歸入英屬維爾京群島(“英屬維爾京群島公司”)(“BVI公司”);(ii)將成立英屬維爾京群島商業公司兼PubCo的全資子公司Merger Sub 1的目的是與英屬維爾京群島公司合併(“初始合併”),Merger Sub 1的獨立存在將終止,英屬維爾京群島公司將是初始合併的倖存公司;(iii)特拉華州公司、PubCo的全資子公司Merger Sub 2將成立目的與VSAC合併(“SPAC合併”),Merger Sub 2的獨立存在將終止,VSAC將成爲SPAC合併中倖存的公司。初始合併和SPAC合併中倖存的兩家公司都將是PubCo的直接全資子公司。
該交易的對價(“合併對價”)應爲2.5億美元。收盤後,英屬維爾京群島公司的股東將獲得價值每股10.00美元的2500萬股PubCoA類普通股(“PubCo股票”)作爲合併對價。
此處包含的交易描述僅爲摘要,並參照與該交易相關的合併協議進行了全面限定,該協議的副本將由VSAC作爲表格8-K最新報告的附錄向美國證券交易委員會提交。敦促其他有關各方完整閱讀合併協議。
關於 Mediforum
Mediforum Co., Ltd. 是一家領先的韓國生物技術公司,成立於 2015 年,總部位於韓國首爾,由一支對生物技術行業有深刻了解並有良好成功記錄的管理團隊領導。Mediforum的使命是提高那些面臨阿爾茨海默氏病(AD)和神經病理性疼痛等疾病的人的生活質量。憑藉包括抗癡呆藥物和健康功能食品在內的多元化產品組合,我們的旗艦產品 PM012 目前正在阿爾茨海默氏病(AD)的2b期試驗,並計劃隨後在韓國和美國進行三期試驗。PM012 還探討了帕金森氏病(PD)和中風的適應症。針對非麻醉性療法,MF018 已進入化療誘發周圍神經病變 (CIPN) 的第二階段,並計劃進行三期試驗。它的多功能性延伸到糖尿病周圍神經病變(DPN)。隨着Mediforum預計將在納斯達克上市,Mediforum有望成爲該全球平台上的第一家韓國生物技術公司,鞏固他們對技術、創新和變革性醫療解決方案的承諾。欲了解更多信息,請訪問:
諾里奇資本有限公司和美國通用商業協會及中小企業海外首次公開募股資本集團擔任Mediforum的首席顧問和聯合顧問,Loeb & Loeb LLP擔任Mediforum的美國法律顧問,Next Law LLP擔任Mediforum的韓國法律顧問。
關於視覺傳感收購公司
Vision Sensing Acquisition Corp.(“VSAC”)是一家特殊目的收購公司(“SPAC”),成立的目的是專注於收購一傢俬營科技公司。欲了解更多信息,請訪問。
Benchmark Investments, LLC旗下的EF Hutton擔任VSAC的資本市場顧問,ARC集團有限公司擔任VSAC的財務顧問。