Dr Jeffrey Chi, CEO and Chairman, Vickers Vantage Corp. I
Vickers Vantage Corp. I, the first blank-cheque company (special purpose acquisition company or SPAC) of Singapore-based VC firm Vickers Venture Partners, has merged with Scilex Holding Company, a majority-owned subsidiary of US-based Sorrento Therapeutics.
Scilex is a revenue-generating company focused on acquiring, developing and commercialising non-opioid pain management products for treating acute and chronic pain.
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The combined entity will operate as Scilex Holding Company on November 11, 2022. Its shares of common stock and warrants are expected to begin trading on the Nasdaq Capital Market under the ticker symbols ‘SCLX’ and ‘SCLXW’, respectively.
Scilex Holding Company will ring the Nasdaq opening bell at 9:30 am ET on Friday.
“We believe Scilex is a company with excellent non-opioid pain management therapies. This deal is significant in the current landscape. However, we didn’t compromise the quality of a target company in a rush to merge, and kept to our philosophy of investing in deep tech companies that can create a better world,” said Dr Jeffrey Chi, Chief Executive Officer and Chairman of VCKA and Vice Chairman of Vickers Venture Partners.
“Scilex is entering an exciting phase as the resources of the public capital markets will be available to enhance our business growth and enable us to continue to fulfil our mission to address patient pain management needs,” said Henry Ji, Executive Chairman of Scilex and Chairman and CEO of Sorrento.
Jaisim Shah, President and CEO of Scilex, commented: “As a public company, we aim to accelerate our mission to increase access to prescription non-opioid therapeutics by further commercialising our two FDA-authorised non-opioid pain management products, expanding public and private payer adoption, and advancing our pipeline of innovative opioid sparing products.”
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Scilex launched its first commercial product in October 2018, in-licensed a commercial product in June 2022, and is developing its late-stage pipeline, which includes a pivotal Phase 3 candidate and one Phase 2 and one Phase 1 candidate. It aims to become the global pain management leader committed to social, environmental, economic, and ethical principles to develop pharmaceutical products to maximise the quality of life responsibly.
In October this year, Singapore-based clinical-stage biotechnology company AUM Biosciences signed a merger agreement with Delaware-based publicly traded SPAC Mountain Crest Acquisition Corp. to go public in the US.
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