Addimmune, a Clinical Stage Hiv-Focused Gene Therapy Company, to go Public Through Business Combination With 10x Capital Venture Acquisition Corp. III

• Addimmune’s investigational cell therapy, AGT103-T, makes gene modifications to the patients’ immune cells (T cells) that harden those cells against HIV infection and depletion, thus allowing those cells to target and kill HIV instead of being “killed” by the virus. 
• Thirty-eight million people are living with HIV globally, with 1.2 million in the U.S and 2.3 million in Europe. Although HIV has suitable treatments, those treatments are expensive, lifelong, and  can often have side effects.
• Addimmune successfully completed the Phase I trial for AGT103-T by showing positive safety results in seven patients. The Phase I trial, along with another sponsor-initiated follow-on study, showed active immune responses to HIV up to six months after dosing.
• Proposed transaction represents a pre-money enterprise value of $500 million for Addimmune.
• Transaction includes an earnout of up to $300 million tied to various clinical and priced-based milestones.
• Existing Addimmune stockholders will roll 100% of their equity into equity of the combined company.
• 10X III and Addimmune signed a non-binding LOI with Cantor for a $50 million committed equity facility.
• The business combination transaction is expected to close in Q1 2024.

NEW YORK CITY, NEW YORK and ROCKVILLE, MARYLAND, Aug. 09, 2023 (GLOBE NEWSWIRE) -- NEW YORK CITY, NEW YORK and ROCKVILLE, MARYLAND, Aug. 9, 2023 (GLOBE NEWSWIRE) – American Gene Technologies International Inc. (“AGT”) 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.

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.