Common stock and warrants are expected to trade on Nasdaq on August 26, 2021 under the ticker symbols EFTR and EFTRW
SAN DIEGO, August 25, 2021 (GLOBE NEWSWIRE) — eFFECTOR Therapeutics, Inc. (eFFECTOR), a leader in the development of selective translational regulator inhibitors (STRIs) for the treatment of cancer, today announced its business combination with Locust Walk Acquisition Corp. (NASDAQ: LWAC) completed. The resulting combined company (the Company) has been renamed “eFFECTOR Therapeutics, Inc.” and expects its common stock and public warrants to begin trading on Nasdaq on August 26, 2021 under the new trading symbols “EFTR” and “EFTRW.”
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LWAC’s shareholders approved the transaction at a special meeting on August 24, 2021, and the transaction had previously been approved by eFFECTOR’s shareholders. eFFECTOR’s management team, led by president and chief executive officer, Steve Worland, Ph.D., will continue to lead the company.
“Cancer remains a major global health problem due to its complexity, including multiple escape mechanisms. Therefore, we are advancing the development of STRIs with the potential to target a central node that drives multiple disease processes simultaneously, including cancer’s inherent escape mechanisms,” said Dr. worland. “We believe that our unique approach to development, along with the capital raised through this transaction, could help us unlock the potential of translation regulation to bring this new class of therapies through the clinic and ultimately to patients. Importantly, we expect the cash available from the transaction to take our business through key Phase 2 data readouts for both of our main programs.”
“With a strong pipeline of multiple data reads in the near term, we are excited to see eFFECTOR Therapeutics take this very important next step in its evolution,” said Chris Ehrlich, former chief executive officer and director of LWAC who will continue as director of Company. “EFFECTOR’s team of experts, along with the strategy to accelerate the development of innovative programs already advancing in the clinic, make the company well-positioned in its efforts to transform treatments for patients with cancer.”
Credit Suisse and Stifel acted as lead placement agents for the private placement (PIPE) in connection with the business combination, and Credit Suisse also acted as capital markets advisor to eFFECTOR. Locust Walk Securities also acted as PIPE placement agent. Latham & Watkins LLP acted as legal counsel to eFFECTOR. Cantor Fitzgerald acted as LWAC’s lead capital markets advisor. JMP Securities and Mizuho Securities also acted as capital market advisors to LWAC. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC acted as legal counsel to LWAC.
About eFFECTOR Therapeutics
eFFECTOR is a clinical-stage biopharmaceutical company focused on pioneering the development of a new class of oncology drugs called STRIs. eFFECTOR’s STRI product candidates target the eIF4F complex and its activating kinase, mitogen-activated protein kinase 1/2 (MNK). The eIF4F complex is a central junction where two of the most mutated signaling pathways in cancer, the PI3K-AKT and RAS-MEK pathways, converge to activate the translation of selected mRNA into proteins that are frequent culprits in important disease-causing processes. Each of eFFECTOR’s product candidates is designed to act on a single protein that directs the expression of multiple functionally related proteins, including oncoproteins and immunosuppressive proteins in T cells, which together regulate tumor growth, survival and immune evasion. eFFECTOR’s lead product candidate, tomivosertib, is an MNK inhibitor currently being evaluated in KICKSTART, a phase 2b randomized, double-blind, placebo-controlled trial of tomivosertib in combination with pembrolizumab in patients with metastatic non-small cell lung cancer (NSCLC). Zotatifin, the eFFECTOR inhibitor of eIF4A, is currently being evaluated in phase 2a expansion cohorts in certain biomarker positive solid tumors, including ER+ breast cancer and KRAS mutant NSCLC. eFFECTOR has a global collaboration with Pfizer to develop inhibitors of a third target, eIF4E. In addition to the company’s focus on oncology, zotatifin is being evaluated as a potential host-directed antiviral therapy in patients with mild to moderate COVID-19 in collaboration with the University of California, San Francisco, under a $5 million grant sponsored by the Defense Advanced Research Projects Agency.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Any statements other than statements of historical fact in this press release, including statements regarding the expectation and timing of eFFECTOR’s common stock to begin trading on Nasdaq, the timing and likelihood of success of eFFECTOR, future results of current and expected products and the adequacy of the cash available from the transaction to access clinical trial data are forward-looking statements. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “plan”, “strategy”, “future”, “opportunity”, ” plan,” “maybe,” “would,” “will,” “would,” “will,” “will continue,” “probably will result” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the ability to realize the expected benefits of the transaction; eFFECTOR may utilize its capital resources earlier than expected; and the outcome of any legal proceedings that may be initiated in relation to the transaction. In addition, eFFECTOR operates in a highly competitive and rapidly changing environment.Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and of which so Some things are beyond eFFECTOR’s control, you should not rely on these forward-looking statements as predictions of future events. The foregoing list of factors is not exclusive, and you should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 filed with the SEC in connection with the business combination. to take into consideration. and documents filed by the company with the SEC from time to time. These filings identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and except as required by law. eFFECTOR assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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