Lomond Therapeutics Completes Merger and Raises $44 Million
Deal News | Nov 04, 2024 | EIN
Lomond Therapeutics, a clinical-stage biotechnology company focused on hematological malignancies, has successfully finalized a reverse merger with Venetian-1 Acquisition Corp. and secured $44 million through a private placement. Post-merger, Venetian-1 has been renamed Lomond Therapeutics Holdings, Inc. With substantial backing from OrbiMed, Torrey Pines Investment, and new investors like Deerfield Management Company, Lomond plans to advance its key treatments, including lomonitinib and lonitoclax. The company is gearing up for a pivotal Phase 1b clinical trial and has ongoing regulatory submissions with the FDA. The strategic expansion signals a commitment to developing groundbreaking therapies for cancer treatment.
Sectors
- Biotechnology
- Pharmaceuticals
- Financial Services
Geography
- United States – Lomond Therapeutics is based in the US and is heavily involved in clinical trials and regulatory processes there.
Industry
- Biotechnology – The article focuses on Lomond Therapeutics, a biotechnology company developing therapies for hematological malignancies.
- Pharmaceuticals – Involves the development of pharmaceutical drugs, as Lomond is advancing its drug candidates in clinical trials.
- Financial Services – The reverse merger and private placement financing are key financial transactions described in the article.
Financials
- 44000000 – Amount raised by Lomond Therapeutics in the private placement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lomond Therapeutics, Inc. | Target Company | Company | A clinical-stage biotechnology company focused on developing treatments for hematological malignancies. |
| Venetian-1 Acquisition Corp. | Selling Company | Company | The acquisition company involved in the reverse merger with Lomond. |
| Raymond James | Placement Agent | Company | Participated as a placement agent in the private placement financing. |
| Wedbush & Co. | Placement Agent | Company | Participated as a placement agent alongside Raymond James. |
| Montrose Capital | Sponsor | Company | Sponsored the formation of Venetian-1 Acquisition Corp. for the transaction. |
| OrbiMed | Investor | Company | Participated in the financing round as a current investor of Lomond. |
| Torrey Pines Investment | Investor | Company | Participated in the financing round as a current investor of Lomond. |
| Deerfield Management Company | Investor | Company | Led the new investors in the financing round. |
| American Financial Group | Investor | Company | Participated as a new investor in the Lomond financing round. |
| Heights Capital | Investor | Company | Participated as a new investor in the Lomond financing round. |
| Bala Therapeutics, Inc. | Licensor | Company | Granted Lomond an exclusive license for a class of menin inhibitors. |
| Iain Dukes | CEO | Person | Co-founder and chief executive officer at Lomond Therapeutics. |
| Carl L. Gordon | Director | Person | Continued as a member of Lomond's board of directors post-merger. |
| Nikolay Savchuk | Director | Person | Continued as a member of Lomond's board of directors post-merger. |
| Eddie Wang Rodriguez | Director | Person | Continued as a member of Lomond's board of directors post-merger. |
| Amy Burd | CSO | Person | Chief Scientific Officer and media contact for Lomond. |