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Vickers Enterprise’s SPAC merges with Scilex; mixed entity to start buying and selling on Nasdaq immediately

Dr Jeffrey Chi, CEO and Chairman, Vickers Vantage Corp. I

Vickers Vantage Corp. I, the primary blank-cheque firm (particular function acquisition firm or SPAC) of Singapore-based VC agency Vickers Enterprise Companions, has merged with Scilex Holding Firm, a majority-owned subsidiary of US-based Sorrento Therapeutics.

Scilex is a revenue-generating firm centered on buying, creating and commercialising non-opioid ache administration merchandise for treating acute and persistent ache.

Additionally Learn: Why Vickers Enterprise Companions go along with deep tech investments to unravel world’s greatest issues

The mixed entity will function as Scilex Holding Firm on November 11, 2022. Its shares of widespread inventory and warrants are anticipated to start buying and selling on the Nasdaq Capital Market below the ticker symbols ‘SCLX’ and ‘SCLXW’, respectively.

Scilex Holding Firm will ring the Nasdaq opening bell at 9:30 am ET on Friday.

“We consider Scilex is an organization with wonderful non-opioid ache administration therapies. This deal is critical within the present panorama. Nevertheless, we didn’t compromise the standard of a goal firm in a rush to merge, and saved to our philosophy of investing in deep tech corporations that may create a greater world,” stated Dr Jeffrey Chi, Chief Government Officer and Chairman of VCKA and Vice Chairman of Vickers Enterprise Companions.

“Scilex is getting into an thrilling section because the assets of the general public capital markets can be accessible to boost our enterprise progress and allow us to proceed to fulfil our mission to handle affected person ache administration wants,” stated Henry Ji, Government Chairman of Scilex and Chairman and CEO of Sorrento.

Jaisim Shah, President and CEO of Scilex, commented: “As a public firm, we intention to speed up our mission to extend entry to prescription non-opioid therapeutics by additional commercialising our two FDA-authorised non-opioid ache administration merchandise, increasing private and non-private payer adoption, and advancing our pipeline of progressive opioid sparing merchandise.”

Additionally Learn: Can SPACs keep away from one other reverse merger disaster?

Scilex launched its first business product in October 2018, in-licensed a business product in June 2022, and is creating its late-stage pipeline, which features a pivotal Part 3 candidate and one Part 2 and one Part 1 candidate. It goals to turn into the worldwide ache administration chief dedicated to social, environmental, financial, and moral ideas to develop pharmaceutical merchandise to maximise the standard of life responsibly.

In October this 12 months, Singapore-based clinical-stage biotechnology firm AUM Biosciences signed a merger settlement with Delaware-based publicly traded SPAC Mountain Crest Acquisition Corp. to go public within the US.

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