Benzinga | Jan 31, 2022 02:53PM EST

Biologic Medicines-Focused Comera Life Sciences Turns To SPAC For NASDAQ Debut

Comera Life Sciences Inc has agreed to go public through a merger with OTR Acquisition Corp (NASDAQ:OTRA), a blank-check company.

* The combined company will have an initial equity value of about $258.4 million. The companies said it would provide about $107 million in gross cash proceeds.

* All 12.6 million shares will be issued to Comera stockholders at an implied value of $10 per share.

* The transaction also includes a potential earn-out to Comera shareholders, including 3.15 million more shares.

* The SPAC is led by investor and entrepreneur Nicholas J. Singer, who serves as chairman and CEO.

* After the transaction closes, Jeff Hackman, Comera's CEO, will lead the combined company.

* Woburn, Massachusetts-based Comera Life, is developing new biologic medicines to improve safety and convenience for patients, switching from intravenous to subcutaneous injections.

* Comera applies its formulation platform, SQore, to develop a portfolio of proprietary subcutaneous (SQ) therapeutics.

* Comera will also continue collaborating with pharmaceutical and biotechnology companies, applying its SQore platform to partners' biologic medicines to deliver enhanced formulations that facilitate self-injectable care.

* The merger will close in Q2 FY22.

* Price Action: OTRA shares are trading 0.13% higher at $10.17 during the market session on the last check Monday.