Biopharma company AEON Biopharma goes public in SPAC deal

Priveterra Acquisition Corp., a special purpose acquisition company (SPAC) chaired by Robert Palmisano, has successfully completed its business combination with AEON Biopharma, a Phase 3 stage-ready biopharmaceutical company.

The merger was initially announced in January 2023.

AEON Biopharma is known for its focus on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions. Post the combination, the newly formed entity will operate under the name AEON Biopharma, Inc. and is slated to begin trading its common stock and warrants on the NYSE American LLC under the ticker symbols “AEON” and “AEON WS,” respectively, starting July 24, 2023.

In the wake of this successful merger, Robert Palmisano will serve as a Director on the new five-member board. “We are grateful to all investors that continue to support Priveterra’s investment thesis in combining with AEON, along with their significant contributions of up to $125 million in arranged funding. I look forward to continuing my journey with AEON as a Director along with its President and CEO, Marc Forth,” stated Robert Palmisano.

AEON Biopharma has made significant strides in the field of biopharmaceuticals, focusing on the development of its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA) injection, or ABP-450, for debilitating medical conditions. With a primary focus on the neurosciences market, AEON recently completed a Phase 2 study of ABP-450 for the treatment of cervical dystonia.

Additionally, an ongoing Phase 2 study is in progress for the treatment of both chronic and episodic migraine. Notably, ABP-450 is the same botulinum toxin complex currently approved and marketed for cosmetic indications by Evolus under the name Jeuveau.