이 기사는 2019년 11월 25일 08:00 thebell 에 표출된 기사입니다.

Israeli microbiome company BiomX, which received investments from Chong Kun Dang Pharmaceutical and Handok last year, made its trading debut on the NYSE American stock exchange late October.

According to industry sources on November 20, shares of BiomX began trading on the NYSE American through a merger with a special purpose acquisition company (SPAC). The NYSE American is the third largest stock exchange in the U.S., after the New York Stock Exchange and the Nasdaq.

Chong Kun Dang acquired 2.9 percent stake in BiomX for 2.8 billion won in a Series B funding round last year. Based on this amount, the enterprise value of BiomX is estimated at 100 billion won. Handok also invested 2.3 billion won in BiomX's convertible preferred stocks. Chong Kun Dang and Handok said that they "invested in the company because BiomX owns superior microbiome technology."

Chardan Capital Markets established its SPAC, Chardan Healthcare Acquisition (CHAC), in July 16 to merger with BioX. CHAC announced the closing of its merger with BiomX late last month. At closing, CHAC retained 70 million dollar in its trust account. The 60 million dollar worth shares of the combined company went public on the NYSE American stock exchange on October 29, 2019.

In connection with the amendment, investors have committed or are expected to commit to an additional purchase of five million dollar of CHAC shares. Cornix Advisors, an affiliate of Chardan, has entered into a securities purchase agreement with a current shareholder of CHAC to purchase two million dollar of CHAC shares at 10.35 dollar per share. Current shareholders of BiomX entered into similar share purchase agreements for three million dollar of CHAC shares, also at 10.35 dollar per share. Chong Kun Dang is expected to have purchased CHAC shares following the approval by the company's board of directors in July.

With BiomX going public through the SPAC merger, investors in Series B funding round may anticipate some profit-taking. BiomX raised 32 million dollar in its Series B funding round. Industry watchers expect that investors in Series B funding round won't be able to exit right away due to a six month lock-up period after the listing. "Even after the lock-up period expires in five months, investors in Series B funding are expected to wait and see how the company's R&D goes for higher returns," said an industry source.

Before the merger, the enterprise value of BiomX was expected to increase to 265 million dollar. The company has a market capitalization of 171 million dollar as of November 19.

OrbiMed, RTW Investment, SBI Japan - Israel Innovation Fund, Johnson & Johnson Innovation -JJDC, and Takeda Ventures also invested in BiomX.

BiomX is a microbiome company developing both natural and engineered phage cocktails designed to target and destroy bacteria that affect the appearance of skin, as well as harmful bacteria in chronic diseases, such as IBD, PSC, and cancer. BiomX discovers and validates proprietary bacterial targets and customizes phage compositions against these targets.

(By reporter Oh Chan-mi)