Privately-owned Serina Therapeutics Inc is being merged into AgeX Therapeutics (NYSE:AGE) in a move that will reboot the Nasdaq ‘human longevity’ stock, into an immunology and gene therapy firm seeking a treatment of Parkinson’s disease.
Holders of Serina, a specialist in ‘small molecule’ central nervous system drug discovery, will own 75% of the combined company’s equity as a result of the ‘reverse merger’ transaction.
The new company will carry the Serina Therapeutics name and trade on Nasdaq with the code SER.
Juvenescence, an AgeX stakeholder backed by British investor Jim Mellon, will retain share warrants that upon exercise would provide $15 million of capital to Serina, meanwhile, prior to merging, AgeX will invest $10 million in the company via convertible loan notes.
Together the funds are expected to cover working capital into 2026.
Serina seeks to advance its pipeline of drug candidates.
“The merger with AgeX positions Serina to advance our CNS pipeline assets and expand our platform partnering opportunities,” Serina founder Milton Harris said.
“As a board director of the combined company, I look forward to collaborating with our new partners AgeX and Juvenescence, as we continue the work of translating our science into innovative therapeutics.”
AgeX interim chief executive Joanne Hackett, meanwhile, added: “The AgeX team thoroughly reviewed and evaluated numerous strategic alternatives for creating stockholder value, and we believe this transaction with Serina presented the most compelling option for our stockholders.”
And, Juvenescence chief executive Richard Marshall said: “We plan to leverage our deep pharmaceutical expertise and network to assist the combined company to reach its goal in maximizing value for stockholders.”
Juvenescence describes itself as “a group of disruptors” that seek to invest in ventures that can ‘slow, halt or reverse aging’. Its portfolio includes a ketone drink that promises to put consumer’s bodies into a state of ketosis within 30 minutes to ‘boost focus and mental clarity’, and, a wearable-tech wristband and app that tracks its wearer’s ‘biological age’.
According to its website, Juvenescence also has a pipeline of pharmaceutical investments targeting potential treatments for conditions commonly associated with aging such as diabetes, rheumatoid arthritis, liver disease, and heart disease.
Juvenescence held around 78% of AgeX stock, according to a March 2023 filing.
Today, in New York, AgeX shares advanced just over 6% after the merger announcement with the shares changing hands at 70 cents each.