Liminatus Pharma LLC and Iris Acquisition Corp to combine to incorporate and accelerate much-needed cancer treatments - Seite 2

The transaction, which has been approved by Liminatus’s and Iris’ boards of directors, is expected to close in the first half of 2023, subject to review by the Securities and Exchange Commission (“SEC”) and effectiveness of the registration statement on Form S-4 to be filed with the SEC, approval by Iris’ shareholders, and satisfaction of the closing conditions set forth in the business combination agreement, including any applicable regulatory approvals.

“The agreement with Iris and the treatments we are now set to develop which have originated from leading global cancer scientists at the Thomas Jefferson University in the US and from Innobation in South Korea, will be a game changer for this area of the healthcare market. There is a significant unmet need for improved treatment for the cancer indications we are targeting, and with the increased capital, we are hopeful that the timelines for getting these potentially life-saving medicines to market have been accelerated”, said Chris Kim, CEO Liminatus.

Sumit Metha, CEO of Iris, commented, “Immuno-therapies are much in-demand and we believe they are one of the most promising medical treatments for cancer. This deal presents a good opportunity for our company to tap into a rapidly growing global cancer immunotherapy market, expected to hit around $262 billion dollars by 2030. We are very confident that our investors will be excited for this deal because of the position of these treatments in their development cycle, the global demand and the excellent team of scientific advisors and executives at Liminatus.”

About Liminatus Pharma LLC

Liminatus is a clinical-stage biopharmaceutical company developing novel cancer therapies that exploit the body's immune system to recognise and attack cancer cells. The development pipeline consists of chimeric antigen receptor (CAR)-T cell therapeutics, Guanylyl Cyclase C (GCC) cancer vaccine and CD47 immune checkpoint inhibitor.

About Iris Acquisition Corp

Iris Acquisition Corp (Nasdaq: IRAA) is a special purpose acquisition company listed on Nasdaq and sponsored by Iris Acquisition Holdings LLC, which is backed by Arrow Capital Multi Asset Fund. On March 9, 2021, Iris Acquisition Corp consummated the IPO of 27,600,000 units priced at $10 per unit, generating gross proceeds of $276,000,000. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a high growth business.