Napo EU S.p.A., Jaguar Health's Italian Subsidiary, and Dragon SPAC S.p.A. Announce Close of 8,830,000 Euro Dragon SPAC Financing
Napo EU, the identified target of Dragon SPAC, seeks to develop plant-based crofelemer to potentially treat orphan disease - short bowel syndrome (crofelemer has received orphan-drug designation from the
Merger of Napo EU & Dragon SPAC expected to be effective within approximately 80 days, with related future SBS license and milestone fees totaling up to
Additional funding will be sought for the Combined Company.
Napo EU was formed with the mission to expand access to plant-based medicines crofelemer and lechlemer to
"We are very pleased that crofelemer's first-in-class mechanism of action may potentially benefit and change the lives of people suffering from this devastating orphan disease that leads to intestinal failure," stated
"We believe crofelemer will be eligible for the EMA's conditional marketing authorization pathway for short bowel syndrome, which provides a fast-track clinical review process. We believe Jaguar's shareholders will benefit from the anticipated revenue that Jaguar expects to earn from the license fees, royalty payments, and product transfer pricing requirements outlined in the license agreement between
"I am very happy that the private financing of Dragon SPAC has successfully closed," said
The global SBS market exceeded
Through the Napo License, following the Merger, Jaguar will be eligible to receive license and development milestone fees for SBS from the Combined Company totaling up to
Crofelemer has received orphan‑drug designation in the
"We are also thrilled with the geographical proximity of Napo EU to
Consummation of the Merger requires the submission of a filing to the Italian government for review and approval under the Italian government's so-called "Golden Powers" law, which pertains to foreign investments in Italian companies in industries such as healthcare. This process is expected to take at most 45 business days.
The issuance of the securities by the Dragon SPAC was not registered under the Securities Act of 1933, as amended (the "Securities Act") and were offered and sold only to "accredited investors" in reliance on the exemption from registration set forth in Rule 506(c) of Regulation D promulgated under the Securities Act. The securities have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of the securities in any jurisdiction in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Crofelemer is a botanical (plant-based) drug extracted and purified from the red bark sap, also referred to as "dragon's blood," of the medicinal Croton lechleri tree in the Amazon Rainforest. Napo has established a sustainable harvesting program, under fair trade practices, for crofelemer to ensure a high degree of quality, ecological integrity, and support for Indigenous communities. Crofelemer is the active ingredient in Mytesi®, Jaguar's FDA approved drug to treat diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). It is the only oral plant-based prescription medicine approved under FDA Botanical Guidance.
About Dragon SPAC S.p.A.
For more information about Jaguar, please visit https://jaguar.health. For more information about
Mytesi® (crofelemer delayed release tablets) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi® is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi®. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (5.7%), bronchitis (3.9%), cough (3.5%), flatulence (3.1%), and increased bilirubin (3.1%).
More information and complete Prescribing Information are available at Mytesi.com.
Certain statements in this press release constitute "forward-looking statements." These include statements regarding plans for Napo EU to develop crofelemer to potentially treat IF-SBS, the expectation that the Merger will be effective within approximately 80 days, with related future SBS license and milestone fees totaling up to