First Wave BioPharma completes business combination with ImmunogenX

First Wave BioPharma has acquired ImmunogenX in an all-stock transaction with the combined company focused on advancing a GI pipeline comprised of multiple, late-stage clinical assets, including latiglutenase, a potentially first-in-class, near Phase 3-ready, targeted, oral biotherapeutic for celiac disease. James Sapirstein will continue to serve as Chairman and CEO of First Wave BioPharma with Jack Syage, previously the CEO and Co-Founder of ImmunogenX, assuming the role of President and COO of First Wave BioPharma. Syage and Chaitan Khosla will also join the board of directors of First Wave BioPharma. First Wave BioPharma intends to license the commercial rights to latiglutenase in the U.S. and Canada to a global pharmaceutical company which will commercialize latiglutenase following receipt of marketing approval. First Wave BioPharma will also seek to secure financing commitments to fund the ongoing development of latiglutenase. Latiglutenase, an oral biotherapeutic, has demonstrated effectiveness in reducing intestinal damage and alleviating symptoms of celiac disease in two Phase 2 trials involving approximately 200 patients. The Phase 3 clinical plan for latiglutenase has been reviewed by the FDA and the trials are anticipated to begin in early 2025. Upon closing of the acquisition, the company issued 365,162 shares of its common stock to the shareholders of ImmunogenX equal to 19.02% of its currently issued and outstanding common stock and 11,777.418 shares of its newly issued Series G Convertible Preferred Stock representing on a fully diluted basis 81.9% for ImmunogenX and 18.1% for First Wave Biopharma with a combined fully diluted equity value of $104M.