NEW YORK & VERO BEACH, Fla.--(BUSINESS WIRE)--NASDAQ IVCP Swiftmerge Acquisition Corp (“Swiftmerge”), a $225 million innovative healthcare investment corporation and a special purpose acquisition company, announced today the signing of a non-binding letter of intent (“LOI”) for a business combination with HDL Therapeutics Inc. (“HDL Therapeutics”), a privately held commercial stage biotech company with an FDA-approved cardiovascular therapy for reducing coronary atheroma in homozygous familial hypercholesterolemia (HoFH) patients. HDL Therapeutics’ platform, removes the highest risk plaques in coronary arteries that tend to rupture causing heart attacks and stroke. HDL expects this platform to have significant implications in the future treatment of a broad array of other plaque related diseases.
Cardiovascular disease, including heart attacks, are the leading cause of death worldwide, taking an estimated 17.9 million lives annually. In the United States, heart attacks were responsible for 132,968 deaths, and almost half of American adults have cardiovascular diseases. High-risk plaques are responsible for the majority of sudden cardiac deaths.
Swiftmerge NASDAQ:IVCP is represented by a world-renowned team of experts, including former Chairman of Surgery at Cedars Sinai Medical Center, Leonard Makowka MD PHD, former Dean of UCLA School of Nursing Dr. Courtney Lyder, and General Wesley Clark, former NATO Supreme Commander. The business combination will provide HDL Therapeutics with the resources and expertise necessary to accelerate the commercial development and commercialization of their platform technology, with the goal of benefiting appropriate patients suffering from severe heart disease and ultimately reducing the risk of fatal cardiac events.
"We are thrilled to announce our entry into an LOI with HDL Therapeutics," said Dr. Leonard Makowka, Swiftmerge director. "Their innovative approach to atherosclerosis treatment and cutting-edge technology aligns perfectly with our mission to invest in companies that have the potential to transform healthcare and improve patient care."
"This proposed business combination will be a significant milestone for HDL Therapeutics and a breakthrough in the development of a whole new treatment paradigm for a fatal cardiovascular disease." said Michael Matin, Chairman and CEO of HDL Therapeutics. "Swiftmerge’s support and expertise will help us accelerate the development and commercialization of our therapy, bringing this groundbreaking technology to appropriate patients."
Under the terms of the LOI, Swiftmerge and HDL Therapeutics would become a combined entity, with HDL Therapeutics’ existing equity holders rolling 100% of their equity into the combined public company. Swiftmerge expects to announce additional details regarding the proposed business combination when a definitive merger agreement is executed, which is expected in the second quarter of 2023.
Completion of a business combination with HDL Therapeutics is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and shareholders of both Swiftmerge and HDL Therapeutics. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
About HDL Therapeutics. HDL Therapeutics is a biotech innovator, focused on developing first-in-class treatments for intractable cardiovascular and neurovascular diseases using the company’s proprietary technology platform.
About Swiftmerge. Swiftmerge is a $225 million special purpose acquisition company. The company is focused on investing in companies that have the potential to transform healthcare.
This press release includes forward looking statements that involve risks and uncertainties. Forward-looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.