Tempest Therapeutics To Go Public Via Millendo Therapeutics Merger

Millendo Therapeutics Inc (NASDAQ: MLND) has agreed to merge with privately-held Tempest Therapeutics Inc in an all-stock transaction.

The combined company will operate under the Tempest Therapeutics moniker under ticker 'TPST,' focusing on advancing Tempest's oncology pipeline of small molecule candidates.
Tempest's oncology pipeline is led by two clinical programs, TPST-1495 and TPST-1120.
TPST-1495 is currently in Phase 1a/1b dose and schedule optimization study in patients with advanced solid tumors. Topline data is expected by the end of this year. Data from planned monotherapy dose-expansion and combination studies are expected in 2022.
TPST-1120 has completed monotherapy dose-escalation and is progressing through a combination dose-escalation study with nivolumab.
Earlier this month, Tempest announced a clinical collaboration with Roche to investigate TPST-1120 in a randomized frontline hepatocellular carcinoma study. Topline data from this study by year-end 2022.
In support of the merger, Tempest has secured commitments from a syndicate of investors for a $30 million PIPE financing that is expected to close concurrent with the merger's completion.
The financing and merger are expected to close in the first half of 2021.
Price Action: MLND shares are trading 12.8% lower at $1.90 in the premarket session on the last check Monday.