BiomX (NYSEMKT:PHGE) stock is rocketing higher on Wednesday after announcing merger plans with privately held clinical-stage biotechnology company Adaptive Phage Therapeutics.
This will have tBiomX combining with Adaptive Phage Therapeutics within the next 30 days. When this happens, current PHGE stock shareholders will own 55% of the new company and the remaining 45% will be held by Adaptive Phage Therapeutics investors.
BiomX notes that it has planned for a $50 million private placement to go along with this merger. The company intends to use these funds to further develop its own lead product candidate BX004 and Adaptive Phage Therapeutics’ clinical-stage product candidate BX211.
BiomX CEO Jonathan Solomon said the following about the merger:
“Today’s announcement sends a clear vote of confidence from leading biotechnology investors who led this transaction that phage technology holds significant potential to treat serious infections with significant unmet need and limited treatment options […] In the case of CF, BX004 has the potential to improve lung function in patients with chronic and potentially deadly pulmonary infections.”
PHGE Stock Movement Today
News of the merger brings with it heavy trading of PHGE stock as investors buy the shares. That has more than 103 million units changing hands as of this writing. That’s a massive surge in trading compared to the company’s daily average of about 160,000 shares.
PHGE stock is up 147.2% as of Wednesday morning!
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news worth reading about on Wednesday! A few examples include what’s happening with shares of Aptorum (NASDAQ:APM) stock, BowFlex (NYSE:BFX) stock and Lucid (NASDAQ:LCID) stock today. You can read up on this news at the links below!
More Wednesday Stock Market News
- Why Is Aptorum (APM) Stock Up 346% Today?
- BFX Stock Alert: BowFlex Just Filed for Ch. 11 Bankruptcy
- LCID Stock Alert: Lucid Motors Sees More Fundraising Is ‘Inevitable’
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
