Obsidian, Galera to advance cell therapy following reverse merger
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Obsidian Therapeutics is set to begin trading on Nasdaq following a reverse merger with Galera Therapeutics, focusing on developing its cell therapy, OBX-115. The combined company has secured $350 million in private placement financing to fund its operations until 2028.
Obsidian Therapeutics will begin trading on Nasdaq following a reverse merger with Galera Therapeutics. The combined company will focus on developing Obsidian's cell therapy, OBX-115, which is being tested in human trials for advanced melanoma and non-small cell lung cancer. OBX-115 is designed to be durable and easier on patients, not requiring 'interleukin-2' drugs and allowing for outpatient cell procurement. The merger is supported by $350 million in private placement financing from investors including Balyasny Asset Management and Atlas Venture. The financing will fund the company through clinical milestones, including data readouts for OBX-115 in 2027. The new company will be led by Obsidian's CEO, Madan Jagasia, and will trade under the ticker 'OBX'.
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