Neoleukin Therapeutics, a Seattle biotechnology company recently spun out of the University of Washington, said it will begin trading as a public company Monday after completing a merger with Nasdaq-listed Aquinox Pharmaceuticals of Vancouver, B.C.
Thanks to the cash brought to the table by Aquinox, which halted development of its own bladder-pain treatment last summer following disappointing clinical trials, the combined company begins its new incarnation with about $65 million. That’s expected to be sufficient to fund Neoleukin’s operations through 2021, the company said.
The cancer-fighting company has been renamed Neoleukin, with its headquarters in Seattle, and its ticker symbol will be NLTX.
Neoleukin says it is “utilizing sophisticated computational methods to design de novo protein therapeutics” that may have pharmaceutical properties “potentially superior” to naturally occurring proteins. Its CEO, Jonathan Drachman, was previously chief medical officer and executive vice president at Seattle Genetics.