In December 2021, inhaled drug developer Aerami Therapeutics announced that it would go public by merging with FoxWayne Enterprises Acquisition Corp, a special purpose acquisition company (SPAC). The two companies have now announced that the deal is off, effective immediately, saying, “In light of current unfavorable market conditions, Aerami and FoxWayne believe that terminating the business combination agreement is the best path forward for the parties and their respective stockholders.”
Aerami previously said that in intended to use proceeds from the merger for development of AER-901 inhaled imatinib for the treatment of pulmonary arterial hypertension (PAH). The company is partnered with Vectura on development of the nebulized imatinib for the treatment of PAH, and Hangzhou Chance Pharmaceuticals acquired Chinese rights to AER-901 in February 2021. A Phase 1 trial of AER-901 was initiated in June 2021.
Read the Aerami Therapeutics press release.
