- The latest biotech-SPAC deal has arrived with Cambridge, Massachusetts-based Tango Therapeutics announcing its reverse merger with Boxer Capital’s blank-check company BCTG Acquisition Corp (NASDAQ: BCTG).
- With a spotlight on three lead programs, Tango expects total proceeds of $353 million in the deal, including around $167 million held in the SPAC and an additional $186 million in PIPE financing.
- When the deal closes, Tango’s stock is expected to list on the NASDAQ under the stock symbol “TNGX.”
- Tango develops drugs based on synthetic lethality, a concept that involves tapping into a genetic vulnerability in cancer.
- Its focus is on developing drugs that counteract the loss of tumor suppressor genes and reverse cancer cells’ ability to evade the immune system.
- Lead program TNG908 is designed to block PRMT5, an enzyme expressed at high levels in tumors and whose synthetic lethal pair is a gene called MTAP.
- The company plans to file FDA investigational new drug (IND) application by the end of this year.
- A second IND filing is planned for next year for an inhibitor of a cancer protein called USP1, which Tango intends to develop for BRCA1-mutant breast, ovarian, and prostate cancers.
- The third program for an undisclosed target is expected to reach the clinic in 2023 for lung cancer characterized by a mutation to the STK11 gene.
- The company also plans to continue work on preclinical compounds in its pipeline to file a new IND every 12 to 18 months.
- In 2018, Tango signed Gilead Sciences Inc (NASDAQ: GILD) to work together on five drug targets. Last year the companies expanded the pact to encompass 15 targets, which excludes Tango’s three lead candidates.
- Tango and BCTG have scheduled a conference call today at 10 a.m. E.T.
- Price Action: BCTG shares are up 5.26% at $11.80 on the last check Wednesday.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
See also: How to Invest in SPACs
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.