On November 4, 2024 Lomond Therapeutics, Inc., a clinical-stage biotechnology company dedicated to discovering and developing potentially best-in-class and first-in-class medicines for the treatment of hematological malignancies, reported the completion of a reverse merger transaction with Venetian-1 Acquisition Corp. and the closing of a $44 million private placement financing (Press release, Lomond Therapeutics, NOV 4, 2024, View Source [SID1234647679]). Following the reverse merger, Venetian-1 Acquisition Corp. changed its name to Lomond Therapeutics Holdings, Inc. ("Lomond Therapeutics" or the "Company"), and will continue the historic and innovative business of Lomond Therapeutics, Inc.
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"This transaction provides the resources necessary to advance our potentially best-in-class programs, lomonitinib, lonitoclax and our menin inhibitor, through clinical development," said Iain Dukes, M.A. D.Phil., co-founder and chief executive officer at Lomond Therapeutics. "Lomonitinib is currently being evaluated in a Phase 1b clinical trial in patients with mutated FLT3 relapsed refractory AML – an area of important unmet need and will shortly commence recruitment of CLL and selected lymphoma patients to evaluate lonitoclax, a potentially first-in-class oral targeted selective B-cell lymphoma-2 ("BCL-2-2") inhibitor."
The Company announced that current investors, OrbiMed and Torrey Pines Investment have participated in the placement alongside new investors led by Deerfield Management Company, American Financial Group, Heights Capital and others.
Previous members of Lomond Therapeutics, Inc.’s board of directors, Carl L. Gordon Ph.D., CFA, Iain Dukes M.A., D.Phil., Nikolay Savchuk Ph.D., and Eddie Wang Rodriguez J.D., will continue as directors of the Company.
The offering was exempt from registration under Section 4(a)(2) of the United States Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated by the U.S. Securities and Exchange Commission ("SEC") thereunder. The Common Stock in the offering was sold to "accredited investors," as defined in Regulation D, and was conducted on a "reasonable best efforts" basis.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Raymond James and Wedbush & Co. acted as the placement agents and Venetian-1 Acquisition Corp. was formed by Montrose Capital, which sponsored the transaction.