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Biotech Briefs: Caldera, Apnimed, Claris & More

The latest from small and Emerging Pharma companies featuring Caldera Therapeutics, Synlogic, Apnimed, Claris Biotherapeutics, Oak Hill Bio, Processa Pharmaceuticals and Vidya Therapeutics.  

For news on the large and mid-sized bio/pharmaceutical companies, see Global Briefs. 

* Caldera Therapeutics, Synlogic Agree To Merge; Raising $278 M in Private Placement
* Apnimed Announces IPO for $160 M for Sleep Apnea Drug
* Claris Biotherapeutics Raises $118 M To Support Rare-Eye Disease Drug 
* Oak Hill Bio, Research Alliance Corp. Form Rare-Disease Company for ASO 
* Processa Pharmaceuticals Acquires Vidya Therapeutics 

Caldera Therapeutics, Synlogic Agree To Merge; Raising $278 M in Private Placement 
Caldera Therapeutics, a Cambridge, Massachusetts-based clinical-stage bio/pharmaceutical company, has agreed to merge with Synlogic, a privately held clinical-stage biotechnology company, in an all-stock merger. Caldera is developing CLD-423, a bispecific antibody for treating inflammatory bowel disease and other immune-mediated diseases. The combination will be accomplished by both companies becoming wholly owned subsidiaries of a newly formed holding company. 

In support of the proposed merger, Caldera has secured commitments for an upsized concurrent private placement expected to generate approximately $278 million in gross proceeds from a syndicate of healthcare institutional investors and mutual funds, including Bain Capital Life Sciences, Atlas Venture, and Blackstone Multi-Asset Investing, among others.  

The financing is expected to support the Phase II development of CLD-423 in ulcerative colitis and Crohn’s disease as well as potential development in additional immune-mediated diseases.  

Upon closing, Caldera stockholders are expected to own approximately 62.8% of the combined company, and investors participating in the concurrent private placement are expected to own approximately 34.9%. The transaction has been approved by the Board of Directors of both companies and is expected to close by early 2027, subject to the satisfaction of customary closing conditions, and other conditions. Upon closing, the combined company plans to operate under the name Caldera Therapeutics. 

Source: Caldera Therapeutics 

Apnimed Announces IPO for $160 M for Sleep Apnea Drug 
Apnimed, a Cambridge, Massachusetts-based clinical-stage bio/pharmaceutical company focused on oral therapies for sleep-related breathing diseases, has filed an initial public offering (IPO) seeking to raise $96 million for the support of AD109 (Oxnimbi), a sleep apnea drug. The company is offering 10 million shares of common stock at a target price of between $14.00 and $16.00 per share. The company recently announced the appointment of a new CEO, which took effect on June 2, 2026.  

Source: Apnimed 

Claris Biotherapeutics Raises $118 M To Support Rare-Eye Disease Drug 
Claris Biotherapeutics, a late-clinical-stage bio/pharmaceutical company developing treatment for treating vision-related conditions, has raised $118 million in Series B financing, which included an investment from Novo Holdings, for the advancement of CSB-001 (oremepermin alfa ophthalmic solution), a drug for treating limbal stem-cell deficiency, an eye condition causing loss or damage of stem cells at the cornea resulting in vision loss or blindness.  

Source: Claris Biotherapeutics 

Oak Hill Bio, Research Alliance Corp. Form Rare-Disease Company for ASO 
OHB Pediatrics (Oak Hill Bio) a clinical-stage rare-disease therapeutics company, and Research Alliance Corporation III, a special purpose acquisition company (SPAC) sponsored by RA Capital Management, have agreed to combine.  

Oak Hill Bio is developing rugonersen, an investigational antisense oligonucleotide (ASO) in Phase III development for treating Angelman syndrome, a rare genetic neurodevelopmental disorder. 

The transaction will provide Oak Hill Bio with approximately $175 million in gross proceeds, including $75 million of cash in Research Alliance Corporation III’s trust account that is backstopped by RA Capital Management and $100-million in committed private financing. Together with Oak Hill Bio’s recent $32.5-million Series A financing, the transaction is expected to provide cash runway for development of rugonersen through Phase III readout and potential new drug application submission in the second half of 2029. Oak Hill Bio gained the drug through a global licensing agreement with Roche formed last year (2025). 

The business combination is expected to close by year-end 2026, subject to customary closing conditions, including approval by shareholders and regulatory bodies. 

Source: Oak Hill Bio 

Processa Pharmaceuticals Acquires Vidya Therapeutics 
Processa Pharmaceuticals, a Vero Beach, Florida-based bio/pharmaceutical company, has acquired Vidya Therapeutics, a clinical-stage bio/pharmaceutical company developing VT-7208, a Bruton’s tyrosine kinase (BTK) inhibitor therapy for immune-mediated diseases with an initial focus on BTK inhibition in food allergy, chronic spontaneous urticaria (CSU) (commonly known as hives) and relapsing multiple sclerosis (RMS).  

Concurrent with the acquisition, Processa entered into a definitive agreement for a private placement expected to result in gross proceeds of approximately $200 million. 

Processa expects to use the proceeds to support the advancement of VT-7208 through multiple clinical milestones, including data from a Phase II proof-of-concept study in food allergy anticipated in the second half of 2027, data from a Phase II proof-of-concept study in CSU anticipated in the first half of 2028, and data from a Phase II proof-of-concept study in RMS anticipated in the second half of 2028. 

Source: Processa Pharmaceuticals