TriSalus Goes SPAC Way To Fund Pressure-Enabled Drug Delivery Tech Based Cancer Trials
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- TriSalus Life Sciences has identified a special purpose acquisition company (SPAC) path for its NASDAQ debut, with a deal to merge with MedTech Acquisition Corporation (NASDAQ:MTAC)
- The company's business is built on TriNav, an infusion system that enables the modulation of pressure and flow to overcome tumoral pressure and thereby improve the delivery of anti-cancer drugs.
- The pressure-enabled drug delivery (PEDD) technology was launched in 2020.
- In 2021, TriNav achieved $8.4 million in net sales and is on track to achieve $12.6 million in 2022.
- TriSalus also uses the technology in its internal drug development pipeline, led by SD-101, a toll-like receptor 9 agonist delivered by PEDD to enable deeper and more durable responses to other immunotherapeutics in various liver and pancreatic cancers.
- Across two clinical trials, over 100 infusions of SD-101 have been delivered at several dose levels as monotherapy and in combination with checkpoint inhibitors in more than 20 patients, with safety data indicating treatments were well-tolerated.
- TriSalus is "assuming significant redemptions," leading it to predict it will exit the merger with $60 million. One investor is providing $50 million from a convertible note.
- TriSalus expects the money to fund it into late 2024, taking it past key data readouts on its device and immunotherapy platform.