AUM Biosciences merges with Nasdaq listed Mountain Crest

Singapore:

AUM Biosciences, a clinical-stage biotechnology company based in Singapore, promoted by non-resident Indian (NRI) entrepreneur Vishal Doshi, on Thursday said it is going public through a merger with Mountain Crest, a US-based Nasdaq listed special purpose acquisition company.

The transaction is expected to close in the first quarter of 2023, reflects a pre-money valuation of $400 million for AUM Biosciences and will see around $69 million in gross proceeds.

The merged companies will operate under a new entity called Holdco.
Vishal Doshi, founder and CEO of AUM Biosciences, will be the CEO of the holding entity. A representative from Mountain Crest will be on the Board of Holdco.

The merger will help AUM Biosciences’ to expand its US operations and clinical programs, the company said.

AUM is advancing a broad portfolio of precision oncology therapeutics. AUM001 is a selective and synergistic MNK inhibitor against metastatic colorectal cancer.

The potential drug is expected to begin Phase 2 enrollment in the fourth quarter 2022. Its second molecule AUM601 is on track to enter Phase 2.

Founded in 2018, AUM completed a $27 million Series A funding round in 2021, and since then it has partnered with major pharma companies and secured other non-dilutive funding sources such as grants in support of its development activity. It uses AI-augmented platforms to develop cancer therapies.