Gene therapy biotech enGene goes public through Forbian investment

enGene has launched as a publicly traded genetics medicines company after completion of a business combination transaction with Forbion. 

Trading commenced on November 1, 2023, under the symbol ‘ENGN’ on Nasdaq. The transaction totaled approximately $138 million, including funds held in the Forbion European Acquistion Corp (FEAC) trust, and a concurrent, oversubscribed, private investment in public equity and other private (PIPE) financing. 

“We are thrilled to begin this new phase of enGene’s journey as a public company. This transaction will support our continued mission to expand genetic medicine into the mainstream of clinical practice,” said Jason Hanson, CEO of enGene.

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The business combination resulted in enGene Holdings Inc as a publicly traded company, with its subsidiary, enGene Inc., continuing existing operations. The management for both will be led by Hanson. 

The Vancouver, Canada-based biotech is developing gene therapies using its Dually Derivatized Oligochitosan (DDX) platform. The tech intends to overcome issues around viral-based gene therapies, which are difficult to administer to a target tissue without also causing systemic toxicities. According to the firm, DDX enables a carrier designed to penetrate mucosal tissue and deliver a wide range of sizes and types of cargo. 

Lead candidate EG-70 (detalimogene voraplasmid) is a non-viral immunotherapy in Phase I/II studies to treat non-muscle invasive bladder cancer (NMIBC). 

“With our lead program and our proprietary technologies, we are committed to serving patients and clinical communities by working to develop safe, effective, fit-for-purpose medicines that seamlessly integrate into medical practice,” said Hanson. 

Clinical-stage genetics medicine company, enGene has also announced concurrent transaction financing. 

“We are excited about the next phase of enGene and the continued development of EG-70 as a potential best-in-class therapy for non-muscle invasive bladder cancer,” said Jasper Bos, CEO of FEAC. 

Announced in May this year, enGene and FEAC, a special purpose acquisition company sponsored by Forbion group, entered into a definitive business combination agreement. The transaction was approved by the shareholders of both companies in late October. 

Prior to the transaction expenses include cash proceeds of approximately $25 million from FEAC trust account and $113 million from private investors including, BVF Partners, Omega Funds, Cowen Healthcare Investments, Investissement Québec, Vivo Capital, Northleaf Capital Partners and CTI Life Sciences Fund III, along with existing enGene investors. 

Net proceeds are expected to be used to fund the clinical development of EG-70, non-viral immunotherapy, as well as to support the development of pipeline programs in gynecological/genitourinary (GYN/GU) malignancies and respiratory diseases. 

enGene did not respond when contacted by this publication.