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.
