multiQure, an innovative project developing a groundbreaking RNAi therapy for Huntington’s disease, is taking major strides toward a stock market listing. Biofund, the project’s main investor, has signed an investment agreement with Pure Biologics under which it has committed to contributing its innovative RNAi platform to the Company as an in-kind contribution. In exchange, it will receive new shares that, once registered, will ultimately represent 49.99% of the Company’s share capital. In addition, under the agreement Pure Biologics has committed to issuing up to 50 million new shares in order to raise funds for the development of the multiQure project, which is a condition for the execution of the agreement. At the same time, the Company has signed a conversion agreement with ACRX, its key shareholder, which has committed to converting the loan granted to Pure Biologics into shares. Decisions on the issuance of the aforementioned shares, and consequently on the execution of the signed agreements, will be made by the Company’s Extraordinary General Meeting convened for 10 June this year.
– The agreement between Biofund and Pure Biologics is a landmark moment for us, opening up a new, ambitious future for the multiQure project. Today, the Company’s shareholders will make a key decision that will be an important driver of the project’s further development. We believe that contributing the multiQure platform to an already listed entity will not only allow us to fully realize its potential, but above all will give Pure Biologics’ existing and new shareholders strong exposure to the global market for gene therapies against Huntington’s disease, whose potential is estimated at tens of billions of dollars. This is an opportunity to build value for investors in an area where the need for effective therapies is enormous – says Tomasz Nocuń, head of the multiQure project.
Under the investment agreement, Biofund Capital Management has committed to contributing the multiQure project to the Company as an in-kind contribution in exchange for newly issued Series Q shares. If the Extraordinary General Meeting decides favorably, Biofund will hold 49.99% of the Company’s shares once the issuance is completed. At the same time, Pure Biologics has signed a conversion agreement with ACRX, its key shareholder, which has committed to converting the loan it granted into newly issued Series R shares in order to reduce the Company’s debt. In addition, Pure Biologics has committed to carrying out an issuance of Series S shares, through which it intends to raise funds for the development of the multiQure project. The agreements are conditional on a favorable decision by the Company’s Extraordinary General Meeting. At the same time, all arrangements are conditional in nature, meaning that if the General Meeting does not approve one resolution, the other resolutions concerning the share issuances will automatically fail to take effect.
If shareholder approval is obtained, the Company will change its name to multiQure, marking the culmination of its transformation process. Secured financing and the acquisition of new investors will allow operational and capital resources to be concentrated on the development of the multiQure project, which is already recognized as one of the most technologically advanced RNAi programs being developed in the biotechnology market.
– The approval of the upcoming general meeting will open the door to an entirely new chapter in the development of gene therapies against Huntington’s disease. As a publicly listed company, we will be able to raise financing to prove the efficacy of our “best-in-class” therapy by administering it to the first patients, which we intend to achieve as early as 2027. – adds Tomasz Nocuń.
The flagship asset in multiQure’s portfolio is the RNAi platform, a revolutionary therapy for Huntington’s disease and other polyglutamine diseases. The technology developed by multiQure targets the root cause of the disease, halting its progression, and, when applied early and appropriately, has the potential to prevent the onset of its symptoms. Another major advantage is that the treatment is administered only once. The project’s economic potential was assessed by experts from Baker Tilly, who estimated its current value at USD 111.3 million, equivalent to more than PLN 400 million.
Huntington’s disease belongs to a group of severe, progressive neurodegenerative disorders with a genetic basis. There is currently no approved therapy capable of effectively halting the progression of the disease, which is why the development of new treatment methods remains one of the most important challenges in modern neurology.