MoonLake Immunotherapeutics goes public via SPAC

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company unlocking the potential of sonelokimab, the first investigational Nanobody for the treatment of inflammation, to revolutionize outcomes for patients. The lead candidate is about to enter a global Phase 2 clinical study in patients with moderate-to-severe hidradenitis suppurativa ("HS").

Last year, MoonLake announced plans to merge with Helix Acquisition corp., a special purpose acquisition company (SPAC), to create a publicly listed biotech company to raise $230 million, including funds held in Helix Acquisition Corp’s trust account and commitments of $115 million from institutional investors led by Cormorant Asset Management.

This week, the two companies announced the closing of the business combination, leading to the trading debut on NASDAQ on 6 April under the ticker “MLTX". In connection with the closing, Helix changed its name to MoonLake Immunotherapeutics. MLTX shares have remained stable, with the share price ranging between $12.29 and $12.98. MoonLake is currently valued at USD 192.24 million.

Jorge Santos da Silva, Founder & CEO of MoonLake, added: “Listing on the Nasdaq Stock Market is a major achievement for the MoonLake team and its investors. It demonstrates the exceptional and fast progress since founding our company and licensing sonelokimab in the first half of 2021.”

“This transaction supports MoonLake’s ambitious program to develop sonelokimab to treat inflammatory diseases with major unmet medical needs, with lead indications entering Phase 2 trials, including hidradenitis suppurativa,” adds Simon Sturge, Chairman of MoonLake.

(Press release/RAN)