“We invest in people and companies that have the potential to transform healthcare. “The emergence of novel variants of increasing pathogenicity, such as the Delta variant, reinforces the need for new therapies that can be easily and rapidly deployed globally," said Jim Tananbaum, M.D., founder and CEO of Foresite Capital and president and CEO of FS Development Corp. Oral antivirals are expected to play an important role in ending this pandemic and preventing the next one.” Over the past year we have been focused on bringing forward PBI-0451, a viral protease inhibitor that we are developing to be a potential oral therapy for SARS-CoV-2 infections. “COVID-19 has been a global medical catastrophe. Lopatin, M.D., Chief Executive Officer of Pardes Biosciences. “I am extremely grateful to the Pardes team and our investors for helping us achieve this important milestone,” said Uri A. The main protease is highly similar across all coronaviruses – including SARS, MERS and the SARS-CoV-2 emerging coronavirus variants. The company’s lead program, PBI-0451, an oral antiviral drug candidate, is designed to inhibit an essential viral protein, the main protease (Mpro) of SARS-CoV-2, the virus causing COVID-19. Assuming no redemptions are exercised, the Combined Company is expected to receive total proceeds of approximately $276 million at the closing of the transaction, inclusive of the FS Development Corp II trust account balance. Rowe Price Associates, Inc., GMF Capital LLC, EcoR1 Capital, Monashee Investment Management LLC, as well as strategic investor, Gilead Sciences. II, RA Capital Management, Frazier Life Sciences, funds and accounts advised by T. Institutional investors in the PIPE include lead investors Foresite Capital, an affiliate of FS Development Corp.
The Combined Company’s common stock is expected to be listed on NASDAQ under the ticker symbol PRDS.Ī group of premier institutional and strategic healthcare investors has committed to participate in the transaction through a common stock PIPE of approximately $75 million at $10.00 per share. Lopatin, M.D., Chief Executive Officer of Pardes. Upon closing of the transaction, the company will be renamed “Pardes Biosciences, Inc.” (Combined Company) and will be led by Uri A. II (Nasdaq: FSII), a special purpose acquisition company sponsored by Foresite Capital, today announced they have entered into a definitive merger agreement. Pardes Biosciences, Inc., an early-stage biopharmaceutical company, and FS Development Corp. II’s trust account and the PIPE financing, and will be used to advance PBI-0451, Pardes’ lead oral antiviral drug candidate to treat and prevent SARS-CoV-2 infections as well as additional candidates from the company’s tunable, reversible covalent chemistry platformīusiness combination is expected to be completed by October 2021 and the combined company is expected to be listed on NASDAQ under the ticker symbol PRDSĬARLSBAD, Calif. Total proceeds from this transaction are expected to be approximately $276 million, combining funds held in FS Development Corp. Leading institutional and strategic investors commit $75 million through a common stock private investment in public equity (“PIPE”) led by Foresite Capital, as well as Gilead Sciences, RA Capital Management and Frazier Life Sciences Institutional Distribution Intelligence.Non-Traditional Exchanges & New Markets.Directors’ and Officers’ Questionnaires.
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