Promising Biotechs Choosing SPAC for Speed, Capital, Visibility
NEW YORK, Oct. 14, 2020 (GLOBE NEWSWIRE) -- via NetworkNewsWire -- 180 Life Sciences Corp. today announces its placement in an editorial published by NetworkNewsWire ("NNW"), one of 50+ brands in the InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities.
The year 2020 has already seen 127 SPAC IPOs, which have collectively raised over $48.5 billion in proceeds — more than the past ten years combined. . . .Going public via a SPAC enables a company to get a deal done in weeks instead of months, and the approach is proving to be an especially attractive vehicle for biotech companies by providing ready access to capital and much greater public visibility. A successful biotech SPAC hinges on shrewd management and a target company that offers a strong risk/reward proposition, is focused on unmet medical needs, and has proven scientific and clinical leadership.
After evaluating over 50 companies to meet these criteria for success, KBL Merger Corp. IV (NASDAQ: KBLM) entered into a definitive merger agreement with 180 Life Sciences Corp., which is expected to close within one month. 180 Life Sciences represents a new business model in biotech. The company is founded and run by four world-renowned scientists and entrepreneurs who invested their own money to start the company. Of considerable note: the founders own the majority of the equity in 180 Life Sciences and aren’t selling any in this transaction.
About 180 Life Sciences Corp.
180 Life Sciences is a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain by leveraging the combined expertise of luminaries in therapeutics from Oxford University, the Hebrew University and Stanford University. KBL Merger Corp. IV previously announced plans to merge with 180 Life Sciences and, in connection with the merger, consummated a bridge financing on June 29, 2020, and submitted its latest S4 filing with the SEC on Aug. 28, 2020. Close of the business combination is expected in the fourth quarter of 2020. Following the merger, the new company will be listed on the Nasdaq Capital Market under ticker symbol “ATNF.” For more information, visit the company’s website at www.180LifeSciences.com.
KBLM has valued 180 Life Sciences at $175 million, with the acquisition being carried out via a share swap, with each share of 180 Life Sciences to be exchanged for one share of KBLM.
NOTE TO INVESTORS: The latest news and updates relating to 180 Life Sciences are available in the company’s newsroom at https://networknewswire.com/?s=180%20Life%20Sciences
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Released October 14, 2020