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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

POINT Biopharma Debuts as Publicly Traded Next-Generation Radiotherapeutics Company

June 30, 2021 GMT

Common stock to commence trading on the Nasdaq Capital Market on July 1, 2021 under the ticker symbol “PNT”

Gross proceeds from the transaction totaled approximately $286.7 million

INDIANAPOLIS, June 30, 2021 (GLOBE NEWSWIRE) -- POINT Biopharma Inc. (“POINT”), a company accelerating the discovery, development and global access to radiopharmaceuticals, today announced the completion of its business combination with Therapeutics Acquisition Corp., d/b/a Research Alliance Corp. I (Nasdaq: RACA) (“RACA”), a special purpose acquisition company (“SPAC”), sponsored by RA Capital Management. POINT Biopharma Global Inc. (“New POINT”), the resulting combined company, will commence trading shares of its common stock on the Nasdaq Capital Market (the “NASDAQ”) under the ticker symbol “PNT” on July 1, 2021.

The shareholders of RACA approved the transaction at a special meeting held on June 29, 2021. The transaction was previously approved by POINT’s shareholders. New POINT’s management team will be led by Chief Executive Officer Joe McCann, who previously served as POINT’s Chief Executive Officer.

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“We are excited to be entering the public markets at a time when innovative radiopharmaceuticals have gained so much momentum and are being recognized as potential options for many types of cancer, including large indications such as prostate cancer. Looking ahead, we are working diligently to complete our two Phase 3 studies in prostate and neuroendocrine cancers, qualify of our manufacturing facility in Indiana, continue to build a robust radioisotope supply chain and advance our pipeline of therapeutic pre-clinical programs, including our Fibroblast Activation Protein-α, towards the clinic, in combination with alpha and beta emitting radioisotopes” said Dr. Joe McCann. “We want to thank our entire team, our new and existing shareholders, and all those involved in making this transaction a success. We look forward to bringing the next-generation of precision oncology medicines to patients.”

“To date, POINT has demonstrated their deep expertise in advancing a pipeline of novel radio-pharmaceuticals to improve current standard of care for patients with little or no therapeutic options,” said Peter Kolchinsky, Chief Executive Officer of RACA and Managing Partner at RA Capital Management. “We believe that the Company now has the capital resources required to advance their late stage radioligand therapies towards commercialization and continue to develop their early stage pipeline, both of which have the potential to meaningfully improve the prognosis and quality of life of patients.”

Summary of Transaction

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On March 15, 2021, POINT entered into a definitive business combination agreement with RACA, a SPAC, sponsored by RA Capital Management, that was created for the purpose of entering into a business combination with a selected biopharmaceutical company and bringing the combined entity to the NASDAQ.

As a result of the business combination, New POINT received gross proceeds of approximately $286.7 million, which included $165 million from a fully-committed PIPE led by RA Capital Management and top-tier U.S. healthcare investors including Johnson & Johnson Innovation – JJDC, Inc., Surveyor Capital (a Citadel company), Farallon Capital Management, L.L.C., BVF Partners L.P., Boxer Capital, Sphera Healthcare, Woodline Partners LP, Suvretta Capital, Fairmount Funds, and Perceptive Advisors.

The description of the business combination contained herein is only a high-level summary and is qualified in its entirety by reference to the underlying documents filed with the U.S. Securities and Exchange Commission (the “SEC”). A more detailed description of the terms of the transaction has been provided in RACA’s definitive proxy statement filed with the SEC on June 9, 2021.

Advisors

Perella Weinberg Partners LP acted as lead financial and capital markets advisor to POINT. Cowen and Company, LLC and Piper Sandler also acted as capital markets advisors to POINT. Jefferies LLC acted as lead financial and capital markets advisor to RACA. Bass, Berry & Sims PLC acted as lead legal counsel to POINT. Goodwin Procter LLP acted as lead legal counsel to RACA.

About POINT Biopharma Global Inc.
POINT Biopharma Global Inc. is a globally focused radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer. POINT Biopharma Global Inc. is combining a portfolio of best-in-class radiopharmaceutical assets, a seasoned management team, expertise in radioisotopes such as Actinium-225 (Ac-225) and Lutetium-177 (Lu-177), manufacturing technology and novel direct-to-patient targeting to revolutionize theragnostic drug development and radioligand commercialization. Learn more about POINT Biopharma Global Inc. at https://www.pointbiopharma.com. Information about POINT Biopharma Global Inc.’s Phase 3 SPLASH trial for metastatic castrate resistant prostate cancer (mCRPC) patients can be found at https;//www.splashtrial.com .

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the benefits of the recently completed business combination, as well as statements about the potential attributes and benefits of New POINT’s product candidates and the format and timing of New POINT’s product development activities and clinical trials. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, the outcome of any legal proceedings that may be instituted against New POINT following the closing of the business combination, the risk that the business combination disrupts current plans and operations, the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of New POINT to grow and manage growth profitably and retain its key employees, the impact of COVID-19 on New POINT’s business, the ability to maintain the listing of New POINT’s common stock on the NASDAQ, changes in applicable laws or regulations, the possibility that New POINT may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those described in RACA’s definitive proxy statement filed with the SEC on June 9, 2021. Most of these factors are outside of New POINT’s control and are difficult to predict. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Company Contact:
Ari Shomair
VP, Corporate Affairs
media@pointbiopharma.com
(647) 812-2417

Investor Relations Contact:
Alex Lobo
Stern Investor Relations
investors@pointbiopharma.com

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