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Aeon Pharma Again Tries the SPAC Route

Arranges $125M funding

Irvine-based Aeon Biopharma, a clinical-stage company studying a medication to treat migraines, announced plans to go public for the second time this year via a special-purpose acquisition company commonly called SPACs.

It has arranged funding up to $125 million when it merges with Priveterra Acquisition Corp. (Nasdaq: PMGM). In a statement, Aeon and Priveterra said they anticipate the closing of the business combination in July.

In January, the two companies announced a similar deal, saying at the time that Aeon would have access to $276 million in a trust and the deal would close in the first half this year. The statement didn’t explain the decrease in funding nor the reason for the delay; a spokesman didn’t immediately respond.

The newest deal should provide Aeon with sufficient gross proceeds to fund the company beyond its anticipated announcement in the second half of 2023 of topline data from its Phase 2 study of ABP-450 for the preventive treatment of episodic migraine.

Besides migraines, which affect about 1 billion people worldwide, making it the third most prevalent illness in the world, Aeon is also studying medication to treat cervical dystonia, where the neck and shoulders have painful twisting movements.

Shares of Priveterra rose 6.5% to $7.45 and a $66 million market cap in midday trading.

 

 

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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