Rockville BioTech Developing “Functional Cure for HIV” Announces Merger Agreement That Will Take The Company Public

Rockville’s American Gene Technologies International Inc. (AGT), located ant 9713 Key West Ave, and 10X Capital Venture Acquisition Corp. III (10X III) (NYSE: VCXB), a special purpose acquisition company, today announced that they have entered into a merger agreement for a business combination that would result in the combined company being a publicly listed company (the public company following the business combination to be renamed “Addimmune”). The combined company is expected to trade under the ticker symbol “HIV”. Addimmune is a clinical-stage gene and cell therapy company developing a functional cure for HIV. Prior to the combination, the non-HIV assets will spin-off into an entity that will retain the American Gene Technologies name. Full press release below:

10X III and AGT have entered into a non-binding letter of intent (“LOI”) with CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Co. (“Cantor”), an underwriter of 10X III’s initial public offering, with respect to a $50 million committed equity facility. 

In June 2023, Addimmune announced that it is separating from American Gene Technologies® (AGT), a cutting-edge biotech company with a fifteen-year track record of product gene and cell therapy drug development.  AGT began human trials in 2020 for AGT103-T, a single-dose lentiviral-based autologous cell therapy candidate designed to deliver gene-therapy modified, HIV-specific CD4 T cells to people with HIV.  Initial results in the clinical trials motivated AGT to create a separate company to focus on completing required clinical trials and pursuing commercialization of a functional cure for HIV.   

Jeff Galvin, CEO of AGT, will become the CEO of Addimmune. He stated, “We’re at the forefront of gene therapy for HIV, working to transform the fear of a lifelong disease into hope for a single-administration, one-and-done cure. We believe that people living with HIV may no longer require lifelong treatment and we imagine a day when this disease no longer causes suffering or claims lives anywhere in the world. We’re excited about our collaboration with 10X. They bring a deep understanding of both the capital markets and the innovation that drives Addimmune. They will be a valuable partner to shepherd the combined company into the public market.” 

Partnership with 10X III: “10X is proud to support Addimmune in advancing its mission of curing HIV, and giving the 38 million human beings globally afflicted with this generational scourge a chance at a life without a lifelong reliance on a daily cocktail of drugs, a life without HIV,” said Hans Thomas, Chairman and CEO of 10X III.  

Mr. Thomas continued, “As 10X Capital has been a minority investor in American Gene Technologies since January 2021, we have seen Jeff and his team deliver on their milestones, making significant progress in the clinic, and building an impressive team, board, and group of KOLs along the way. We look forward to watching the team continue to deliver on its plan throughout the remainder of the FDA process and beyond.” 

About Addimmune: Addimmune is a leader in the pursuit of a gene therapy cure for HIV. 38 million people are living with HIV globally, with 1.2 million in the U.S. Although HIV has suitable treatments, those treatments are expensive, lifelong, and often toxic.  Addimmune’s cell therapy is designed to modify a patient’s immune system so that it is capable of fighting HIV like a normal virus.  It makes gene modifications to the patients’ immune cells (T cells) that harden those cells against HIV infection and depletion, thus allowing those cells to maintain a normal response to HIV instead of being “killed” by the virus.  When HIV T cells survive and do their job, they fight HIV just like the immune system is able to fight a cold or flu.  

Jeff Galvin, CEO, and the Addimmune team have extensive experience in HIV and drug development. Addimmune’s Chief Medical Officer, Dr. Marcus Conant, MD has over forty years on the front lines of HIV treatment and research, including at University of California Medical Center in San Francisco, and Chief Science Officer, Dr. Jeffrey Boyle, PhD has over two decades leading the development of FDA-regulated drugs and medical devices.  Dr. Drew Palin, MD, Addimmune’s Chief Business Officer is an experienced, serial entrepreneur and physician.

Featured photo courtesy of Google Maps

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