Tourmaline Bio has completed the merger with Talaris Therapeutics and will begin trading on the Nasdaq global market as Tourmaline Bio (ticker symbol ‘TRML’) on 20 October.
Coinciding with the merger, the new company also completed a private placement of $75m with multiple investors. The companies first announced the merger in June.
Following the placement, Tourmaline reported total cash reserves of $218m, which is expected to provide a cash runway through 2026 as per the 19 October press release.
“We are thrilled to close this transaction and move Tourmaline into its next phase as a public company, leading an IL-6 renaissance and continuing to accelerate TOUR006 through late-stage clinical trials in TED, ASCVD and other diseases,” said Touraline's CEO Sandeep Kulkarni.
TOUR006 is an interleukin 6 (IL-6) targeting antibody being evaluated as a treatment for thyroid eye disease (TED) and atherosclerotic cardiovascular disease (ASCVD).
TED is an auto-immune disease that causes eye muscle and fatty tissue inflammation. The safety and efficacy of TOUR006 are being evaluated for treating TED in a placebo-controlled Phase IIb spiriTED trial (NCT06088979). The top-line data from the trial is expected in H1 2025.
Tourmaline also plans to initiate a Phase II trial for evaluating TOUR006 for the treatment of ASCVD in 2024. ASCVD is the build-up of cholesterol plaque in the arteries. The US-based company also plans to investigate TOUR006 in other diseases.
As part of the merger closing, Talaris initiated a 1-for-10 reverse stock split of its common stock and issued a special cash dividend to Talaris shareholders of record as of 16 October.
