Jaguar Health Inc (NASDAQ: JAGX) shares jumped after hefty gains on Monday.
The company’s Napo EU S.p.A., Italian subsidiary, and Dragon SPAC S.p.A. reported closing of 8,830,000 euros Dragon SPAC financing.
Dragon SPAC S.p.A. and Napo EU S.p.A., the Italian subsidiary of Napo Pharmaceuticals, Inc., announced the closure on Monday. Net proceeds from the private placement will be used to fund Dragon SPAC's contemplated business combination with Napo EU and the activities of the combined Napo EU/Dragon SPAC entity resulting from the Merger. The
Merger is expected to be effective within approximately 80 days.
Additional funding will be sought for the Combined Company.
Napo EU was formed with the mission to expand access to plant-based medicines crofelemer and lechlemer to Europe (excluding Russia) to address significant unmet gastrointestinal medical needs. Through Napo Pharmaceuticals, Jaguar will provide Napo EU with an exclusive license to study, develop, and commercialize crofelemer for this region of the European market for specific indications.
Napo EU's initial focus is on pursuing the accelerated conditional marketing authorization pathway from the European Medicines Agency (EMA) for crofelemer for an important orphan-designated disease: intestinal failure with short bowel syndrome (IF-SBS).
"We are very pleased that crofelemer's first-in-class mechanism of action may potentially benefit and change the lives of people suffering from this devastating orphan disease that leads to intestinal failure," stated Lisa Conte, Jaguar's president and CEO and Napo EU board member.
JAGX shares took on six cents, or 4.1%, to $1.51
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