Aeon Biopharma

Aeon Biopharma

Aeon Biopharma Inc., a Newport Beach-based therapeutics developer, said it received a $25 million investment from Daewoong Pharmaceutical Co.

The capital comes in the form of a 5-year, 3% convertible note that will automatically convert into 9.99% of the firm’s common stock immediately prior to an initial public offering, the company said.

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Aeon Biopharma is developing a botulinum toxin for the treatment of cervical dystonia, a condition that causes involuntary muscle contractions and often leads to significant pain and mobility challenges in patients.

It is led by Chief Executive Marc Forth, a former senior vice president at Allergan.

The firm was formally established in January, when Newport Beach-based Alphaeon Corp. split its business into two units. Alphaeon1 LLC, the second business unit, holds about 8.7 million shares in Newport Beach aesthetics maker Evolus Inc.