- Commences Trading on NASDAQ Global Market on July 25, 2017 under
Ticker Symbol “ALPN” -
- Utilizes Novel Protein-Based Immunotherapy Discovery Platform
Focused on Developing Therapeutics for the Potential Treatment of
Inflammatory Diseases and Cancer -
- Approximately $90 Million in Cash and Cash Equivalents on Balance
Sheet Following Transaction Close -
SEATTLE--(BUSINESS WIRE)--Jul. 25, 2017--
Alpine Immune Sciences, Inc. (NASDAQ: ALPN), a leading company focused
on the development of proprietary, protein-based immunotherapies to
modulate the immune system, today announced the closing of its
previously disclosed merger with Nivalis Therapeutics (NASDAQ: NVLS),
effective July 24, 2017. The combined company changed its name to Alpine
Immune Sciences, Inc. immediately following the merger and is expected
to commence trading on The NASDAQ Global Market today, July 25, 2017,
under the ticker symbol “ALPN”.
“The completion of this merger represents a significant milestone for
Alpine Immune Sciences and its shareholders, and most importantly for
physicians and their patients seeking a fundamentally new approach to
modulate the immune system to fight disease. Closing the merger, in
combination with the associated financing, provides us with the
resources to move forward as a focused, well-funded public company,”
said Chairman and Chief Executive Officer Dr. Mitchell H. Gold. “With
our experienced team in place, and a potentially transformative
development pipeline of first in class molecules, we believe that Alpine
has both the experience and the resources to develop novel therapeutic
approaches that address inflammation, cancer, and other diseases.”
Upon the completion of the merger and financing, Alpine will have
approximately $90 million in cash and cash equivalents. This includes
proceeds from a financing that closed immediately prior to the merger in
which Alpine received gross proceeds of approximately $17 million in new
investment from current Alpine investors, OrbiMed Advisors, Frazier
Healthcare Partners, and Alpine BioVentures. "The continued support from
our existing investors in this financing is a strong endorsement of our
program’s transformative potential and the scientists at Alpine, to
address some of the most challenging unmet medical needs,” said Dr. Gold.
Alpine is focused on the development of innovative immunotherapies.
Alpine’s proprietary variant immunoglobulin domain™ (“vIgD”) platform
uses a process known as directed evolution to create therapeutics
capable of modulating multiple human immune system proteins in the
immune synapse through a single molecule. In Alpine’s pre-clinical
studies, the vIgD platform has identified novel proteins with the
ability to either enhance or diminish an immune response. These proteins
could be potentially applicable therapeutically to both oncology
(cancer) and inflammatory diseases. Alpine has also developed its
transmembrane immunomodulatory protein™ (“TIP”™) technology, based on
the vIgD platform, to potentially enhance engineered cellular therapies.
Alpine intends to apply for clearance for its first molecule, a dual
ICOS/CD28 antagonist, to begin clinical trials in the second half of
2018.
Following the completion of the merger, Alpine shareholders, option
holders and warrant holders own, or have rights to acquire,
approximately 74 percent of the combined company, and former Nivalis
shareholders, option holders and warrant holders own, or have rights to
acquire, approximately 26 percent of the combined company.
About Alpine Immune Sciences, Inc.
Alpine Immune Sciences, Inc. is focused on developing novel
protein‐based immunotherapies using its proprietary Variant
IgDomain vIgD
platform technology. The vIgD platform is designed to interact with
multiple targets, including many present in the immune synapse. Alpine’s
vIgDs are developed using a process known as directed evolution, which
can potentially produce proteins capable of either enhancing or
diminishing an immune response and thereby may potentially apply
therapeutically to both oncology and inflammatory diseases. Alpine has
also developed its TIP technology, based on the vIgD platform, to
potentially enhance engineered cellular therapies. In October 2015,
Alpine signed a worldwide research and license agreement with Kite
Pharma, Inc. (NASDAQ:KITE) for up to $535 million in up front and
potential milestone payments plus royalties on resulting sales. The
agreement allows Kite access to certain targets developed using Alpine’s
TIP platform. For more information visit www.alpineimmunesciences.com/.
Forward-Looking Statements
This communication contains forward-looking statements (including
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended, and Section 27A of the United States
Securities Act of 1933, as amended) concerning Nivalis Alpine, the
merger and financing transaction, Alpine’s platform technology,
potential therapies, clinical and regulatory objectives and milestone
and royalty payment potential and other matters. These statements may
discuss goals, intentions and expectations as to future plans, trends,
events, results of operations or financial condition, or otherwise,
based on current beliefs of the management of Alpine, as well as
assumptions made by, and information currently available to, management.
Forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “may,” “will,” “should,” “would,”
“expect,” “plan,” “believe,” “intend,” “look forward,” and other similar
expressions among others. Statements that are not historical facts are
forward-looking statements. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors, including,
without limitation: the ability of Alpine to protect its intellectual
property rights; unexpected costs, charges or expenses resulting from
the merger; potential adverse changes resulting from the announcement or
completion of the merger; that Alpine’s discovery-stage and pre-clinical
programs do not advance into the clinic or result in approved products
on a timely or cost effective basis or at all; and legislative,
regulatory, political and economic developments. Alpine’s pipeline
programs, including ALPN-101, are in pre-clinical development, and the
process by which a pre-clinical therapeutic candidate could potentially
lead to an approved therapeutic is long and subject to significant risks
and uncertainties.Risks facing Alpine and its programs are set
forth in Alpine’s filings with the SEC. Except as required by applicable
law, Alpine undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events or
otherwise.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170725005482/en/
Source: Alpine Immune Sciences, Inc.
Alpine Immune Sciences, Inc.
Investors:
Courtney Dugan,
212-257-6723
[email protected]
or
Media:
Jennifer
Paganelli, 347-658-8290
[email protected]