LENZ Therapeutics announces merger with Graphite Bio to revolutionize presbyopia treatment
In a significant move for the biopharmaceutical industry, LENZ Therapeutics, Inc. (Nasdaq: LENZ), a trailblazer in developing innovative treatments for presbyopia, announced the successful completion of its merger with Graphite Bio, Inc. This strategic alliance ushers in a new era of healthcare solutions, focusing on the first aceclidine-based eye drop to enhance near vision for individuals suffering from presbyopia. Commencing trading under the ticker symbol “LENZ” from March 22, 2024, the newly merged entity combines the strengths and resources of both companies to accelerate the journey towards revolutionizing presbyopia treatment.
Eef Schimmelpennink, President and CEO of LENZ Therapeutics, expressed enthusiasm about the merger’s potential to address the needs of the 128 million Americans affected by presbyopia. The company is on the brink of reporting topline results from its Phase 3 CLARITY trials evaluating its promising candidates, LNZ100 and LNZ101, in April 2024. These trials could pave the way for a New Drug Application (NDA) submission to the FDA, marking a significant milestone in bringing this groundbreaking treatment to the market.
LENZ’s product candidates, LNZ100 and LNZ101, represent a leap forward in non-invasive presbyopia treatment. Utilizing aceclidine and aceclidine plus brimonidine, these preservative-free, single-use eye drops have shown potential for rapid onset and prolonged improvement in near vision. The positive outcomes of the Phase 2 INSIGHT trial underscore the efficacy and safety of LNZ100 and LNZ101, setting a solid foundation for the subsequent Phase 3 CLARITY trials.
The merger with Graphite Bio, accompanied by a 1 for 7 reverse stock split and a special cash dividend to Graphite Bio stockholders, signifies a robust strategic and financial positioning for the combined company. Following a successful private placement raising $53.5 million, LENZ Therapeutics is well-capitalized, boasting approximately $210 million in projected cash and cash equivalents. This financial backing is expected to support the infrastructure build-out and commercialization efforts for LENZ’s selected product candidate, pending successful trial completion and FDA approval.
Under the leadership of Eef Schimmelpennink, along with a dedicated team comprising Marc Odrich, M.D., Shawn Olsson, and newly appointed CFO Dan Chevallard, LENZ Therapeutics is poised for success. The company’s vision of delivering personalized, effective treatment options for presbyopia is closer to realization, promising to enhance the quality of life for millions.
With the merger’s completion and the anticipation of pivotal trial results, LENZ Therapeutics stands at the forefront of biomedical innovation. The company’s commitment to clinically validated, cutting-edge solutions showcases the potential of biopharmaceutical research to address unmet medical needs, heralding a new chapter in the treatment of presbyopia and beyond.