Lenz Therapeutics Opts for Reverse Merger Ahead of Phase 3 Results

Lenz Therapeutics made its Nasdaq debut through a reverse merger, a strategic choice that CEO Eef Schimmelpennink discussed with Endpoints News, emphasizing the financial benefits over a traditional IPO. The biotech company is on the verge of announcing Phase 3 data for its two presbyopia eye drops, LNZ100 and LNZ101, and is planning to select the superior candidate for regulatory submission. This move pits Lenz against established players like AbbVie’s Vuity and the newly approved Qlosi by Orasis Pharmaceuticals. Schimmelpennink revealed that the decision for a reverse merger was driven by the allure of an additional $60 million in funding, crucial for commercialization efforts in a challenging market. The company’s approach to going public before releasing Phase 3 data aims to capitalize on potential market appreciation. Lenz is preparing for the commercial challenge and is aware of the high initial interest in presbyopia treatments and the pitfalls in customer retention experienced by competitors. Schimmelpennink, having personally tried Vuity, is focused on offering a more lasting solution to presbyopia, differentiating Lenz’s product in the market. The company plans to commercialize in the US independently while seeking licensing partners internationally following the upcoming Phase 3 results.

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[Source: Endpoints, March 22nd, 2024]