Vickers Vantage Corp. I, Singapore-based VC firm Vickers Venture Partners’ first blank check company (Special Purpose Acquisition Company, or SPAC), has merged with Scilex Holding Company, a majority-owned subsidiary of US-based Sorrento Therapeutics.
Scilex is a revenue-generating company focused on the acquisition, development and commercialization of non-opioid pain management products for the management of acute and chronic pain.
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The combined company will operate as Scilex Holding Company on November 11, 2022. Its common stock and warrants are expected to trade on the Nasdaq Capital Market under the ticker symbols “SCLX” and “SCLXW,” respectively.
Scilex Holding Company will ring the Nasdaq opening bell at 9:30 am ET on Friday.
“We believe Scilex is a company with excellent non-opioid pain management therapies. This deal matters in the current landscape. However, we have not compromised the quality of a target company in a rush to merge and have stayed true to our philosophy of investing in deep tech companies that can create a better world,” said Dr. Jeffrey Chi, Chief Executive Officer and Chairman of VCKA and Vice Chairman of Vickers Venture Partners.
“Scilex is entering an exciting phase as the resources of the public capital markets will become available to fuel our business growth and allow us to continue to fulfill our mission of meeting the needs of patients in pain management,” said Henry Ji , Executive Chairman of Scilex and Chairman and CEO of Sorrento.
Jaisim Shah, President and CEO of Scilex, commented, “As a public company, we aim to accelerate our mission to improve access to prescription non-opioid therapeutics by further commercializing our two FDA-approved non-opioid pain management products and the Expand public Introduction of private payers and advancement of our pipeline of innovative opioid sparing products.”
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Scilex brought its first commercial product to market in October 2018, in-licensed a commercial product in June 2022 and is developing its late-stage pipeline, which includes a pivotal Phase 3 candidate, as well as a Phase 2 and a Phase 1 candidate . It aims to become the global leader in pain management, committed to social, environmental, economic and ethical principles to develop pharmaceutical products to responsibly maximize quality of life.
In October of this year, Singapore-based clinical-stage biotechnology company AUM Biosciences signed a merger agreement with Delaware-based public SPAC Mountain Crest Acquisition Corp. to go public in the US.
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Vickers Venture’s SPAC Merges With Scilex; combined company, which trades on Nasdaq today, appeared first on e27.