Priveterra Acquisition Corp. Announces Completion of Business Combination with AEON Biopharma, Inc.
Priveterra Acquisition Corp. (NASDAQ:PMGM) ("Priveterra"), a special purpose acquisition company led by Chairman & CEO, Robert Palmisano, along with President, Vikram Malik, and COO and CFO, Oleg Grodnensky, today announced the successful completion of its business combination (the "Business Combination") with AEON Biopharma, Inc. ("AEON"), a Phase 3 stage-ready biopharmaceutical company developing a proprietary neurotoxin with initial focus on preventive treatments for episodic and chronic migraines along with other debilitating medical conditions.
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The resulting combined company changed its name to AEON Biopharma, Inc. and is expected to commence trading of its shares of common stock and warrants on NYSE American LLC ("NYSE") under the ticker symbols "AEON" and "AEON WS," respectively, on July 24, 2023. Mr. Robert Palmisano will join the new 5-member board to serve as a Director.
Mr. Palmisano said, "We are grateful to all investors that continue to support Priveterra's investment thesis in combining with AEON, along with their significant contributions of up to $125 million in arranged funding. I look forward to continuing my journey with AEON as a Director along with its President and CEO, Marc Forth."
Advisors
Latham & Watkins LLP served as legal advisors to AEON. Davis Polk & Wardwell LLP served as legal advisors to Priveterra. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC served as sole financial advisor to Priveterra. Roth Capital Partners, LLC served as capital markets advisor to Priveterra.
About Priveterra Acquisition Corp.
Priveterra Acquisition Corp. (NASDAQ:PMGM) is a blank-check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in life sciences. Priveterra is sponsored by Robert Palmisano and Priveterra Capital, LLC.
About ABP-450 (prabotulinumtoxinA) Injection
ABP-450 contains a 900 kDa botulinum toxin type-A complex produced by the bacterium Clostridium botulinum. The active part of the botulinum toxin is the 150 kDa component, and the remaining 750 kDa of the complex is made up of accessory proteins that the Company believes help with the function of the active portion of the botulinum toxin. When injected at therapeutic levels, ABP-450 blocks peripheral acetylcholine release at presynaptic cholinergic nerve terminals by cleaving SNAP-25, a protein integral to the successful docking and release of acetylcholine from vesicles situated within the nerve endings leading to denervation and relaxation of the muscle.
About AEON Biopharma
AEON is a clinical stage biopharmaceutical company focused on developing its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA) injection, or ABP-450, for debilitating medical conditions, with an initial focus on the neurosciences market. AEON recently completed a Phase 2 study of ABP-450 for the treatment of cervical dystonia and has an ongoing Phase 2 study of ABP-450 for the treatment of both chronic and episodic migraine. ABP-450 is the same botulinum toxin complex that is currently approved and marketed for cosmetic indications by Evolus under the name Jeuveau. ABP-450 is manufactured by Daewoong in compliance with current Good Manufacturing Practice, or cGMP, in a facility that has been approved by the U.S. Food and Drug Administration, or the FDA, Health Canada and European Medicines Agency, or EMA. AEON has exclusive development and distribution rights for therapeutic indications of ABP-450 in the United States, Canada, the European Union, the United Kingdom, and certain other international territories. AEON built a highly experienced management team with specific experience in biopharmaceutical and botulinum toxin development and commercialization.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events involving, or future performance of, the Company or AEON. In some cases, you can identify forward-looking statements by terminology such as "pro forma", "may", "should", "could", "might", "plan", "possible", "project", "strive", "budget", "forecast", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, and AEON and its management, as the case may be, are inherently uncertain. Certain risks and uncertainties are set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's final prospectus dated February 11, 2021, relating to its IPO and other risks and uncertainties indicated from time to time in the definitive proxy statement to be delivered to the Company's stockholders and related S-4 Registration Statement, including those set forth under "Risk Factors" therein, and other documents filed to be filed with the SEC by the Company.
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