Longevity Biomedical has entered a definitive business combination agreement with Denali Capital Acquisition to create a combined company.

The deal represents a nearly $236.2m pro forma equity valuation of the combined company.

Under the deal terms, the combined company will operate as Longevity Biomedical and focus on advancing new technologies to promote human health and longevity.

Longevity aims to become a leading provider of advanced therapeutic, health monitoring and digital health technologies that are designed to restore tissue form and function.

It plans to build on its existing platform of several late-stage technologies as well as continue to buy technologies, products and services.

The company has established a late-stage, diversified pipeline of therapeutic candidates across ophthalmology, cardiovascular disease, and soft tissue reconstruction and repair through the purchase of the LBI-201, LBI-001, LBI-101 and LBI-002 technologies.

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A non-invasive ultrasonic device, LBI-201 is currently being assessed to treat ischemic stroke.

LBI-001 combines intravenous administration of microspheres and non-invasive ultrasound to treat retinal vein occlusion.

The off-the-shelf allogenic tissue biomaterial LBI-101 is currently being assessed in a Phase II clinical study for the permanent reconstruction of soft tissue that has been affected by traumatic injuries, ageing and surgical procedures.

The biosynthetic cornea LBI-002 is being evaluated as a replacement product for corneal transplants.

Longevity Biomedical CEO Bradford Zakes said: “This business combination will provide the platform to advance cutting-edge technologies spanning multiple areas of unmet medical need for the ageing population.

“The proceeds from this transaction will allow Longevity to reach significant clinical development milestones for our four leading technologies that have demonstrated successful results in clinical studies.

“In addition, Longevity will retain an opportunistic, visionary approach to future health advancements in the areas of health monitoring and digital health solutions.”

The transaction will provide the combined company with proceeds of $85.4m in cash, which Denali will hold in trust.

The proceeds will be used to complete the Phase II study for LBI-001, begin a Phase III study for LBI-101 and conclude a Phase III study for LBI-201, as well as conduct the formulation and pre-clinical studies for LBI-002.

The transaction, which is still subject to other closing conditions, is anticipated to be completed in the second quarter of the year.

It will also require approval from both Denali and Longevity’s shareholders.