Seattle-based publicly listed biotech firm Neoleukin Therapeutics will undergo

 

Seattle-based publicly listed biotech firm Neoleukin Therapeutics will undergo a reverse merger with New York-based gene therapy startup Neurogene.  The latter has raised $95M from investors, including Great Point Partners, EcoR1 Capital, and Redmile Group, to fund the transaction.  Neurogene will assume Neoleukin's Nasdaq listing and trade under the NGNE ticker.  After concluding the transaction, the firm expects to have roughly $200M in cash.  Neurogene's CEO and founder Rachel McMinn, a former Wall Street analyst, will lead the merged entity.  Neurogene had previously raised $68.5M in Series A funding and $115M in Series B funding.  Neurogene's existing stakeholders are set to receive 84% shares of the new combined entity, with Neoleukin's investors set to receive the remaining 16%.  The move marks the end of a tumultuous period for Neoleukin after it laid off 70% of its staff and started searching for strategic alternatives earlier this March.  CEO Jonathan Drachman also stepped down from his role in the same month.