Corxel Pharmaceuticals has joined forces with special purpose acquisition company Amanat Acquisition, entering into a definitive agreement business combination agreement to form a publicly-listed biopharmaceutical company with a focus on oral obesity drugs.
The transaction will lead to Corxel US becoming a wholly-owned subsidiary of the combined public company, which will operate under a new name and be listed in the Nasdaq Capital Market.
The lead drug candidate for the newly-formed company will be CX11, a clinical stage, once-daily, oral small-molecule GLP-1 receptor agonist. In phase 2 trials, the drug demonstrated clinically-meaningful weight loss and a generally-favorable tolerability profile. Corxel US has already met with the FDA to define the key elements to its regulatory path and phase 3 trial design. Another candidate is CX12, which is a preclinical oral small-molecule amylin receptor agonist.