Estrella to Begin Trading on NASDAQ Under the Ticker Symbols
"ESLA" and "ESLAW" Beginning October 2,
2023
NEW
YORK, Sept. 29, 2023 /PRNewswire/ -- Estrella
Immunopharma, Inc., formerly known as TradeUP Acquisition
Corp. ("UPTD") (NASDAQ: UPTD, UPTDW, UPTDU), today announced
the successful closing of its business combination
with Estrella Biopharma, Inc. ("Estrella"), a
preclinical-stage biopharmaceutical company developing T-cell
therapies with the capacity to address treatment challenges for
patients with blood cancers and solid tumors.
The resulting combined company will operate under the name
Estrella Immunopharma, Inc. and will be led by Estrella Founder and
CEO Dr. Cheng Liu. The combined company's common stock and warrants
will trade on NASDAQ under the symbols "ESLA," and "ESLAW,"
respectively, effective October 2,
2023.
On or about October 2, 2023, all
remaining UPTD units will separate into their underlying
components, which consist of one share of combined company's common
stock and one-half of one warrant. The transaction was approved by
UPTD's stockholders at the special meeting held on July 31, 2023.
Immediately prior to completion of the business combination,
Estrella closed its Series A preferred stock financings with gross
proceeds of $9.75 million and a
short-term debt financing with gross proceeds of $0.30 million. Additionally, in conjunction with
closing of the business combination, UPTD closed the previously
announced private placement of UPTD common stock with gross
proceeds of $10.00 million. Together,
the business combination and the transaction financings provide the
combined entity approximately $23.11
million available cash, after giving effect to UPTD
stockholder redemption and before payment of transaction and
offering expenses.
"We are pleased to close this transaction and are committed to
the continued advancement of our clinical programs," stated Dr.
Liu, President and CEO of Estrella. "Our anti-CD19 ARTEMIS T-cell
therapy has the potential to improve patient outcomes while
reducing the risk of Cytokine Release Syndrome (CRS). This marks a
critical advancement in the management of blood cancer
treatments."
"We are excited to have completed our Business Combination with
Estrella, a company dedicated to resolving unmet medical demands.
With this additional capital and the help of their highly
experienced team, Estrella is well positioned to advance their
pipeline programs into clinics and deliver long-term value to
stockholders. Together, we look forward to seeing Estrella bring
their novel therapeutics to fruition," added Mr. Weiguang Yang, Co-CEO of UPTD.
Advisors
US Tiger Securities, Inc. served as the financial advisor to UPTD.
Robinson & Cole LLP acted as the legal advisor to UPTD. Winston
& Strawn LLP acted as the legal advisor to Estrella.
About Estrella
Estrella Immunopharma, Inc. is a preclinical-stage
biopharmaceutical company developing CD19 and CD22-targeted
ARTEMIS® T-cell therapies with the capacity to address treatment
challenges for patients with blood cancers and solid tumors.
Estrella's mission is to harness the evolutionary power of the
human immune system to transform the lives of patients fighting
cancer. To accomplish this mission, Estrella's lead product
candidate, EB103, utilizes Eureka's ARTEMIS® technology to target
CD19, a protein expressed on the surface of almost all B-cell
leukemias and lymphomas. Estrella is also developing EB104, which
also utilizes Eureka's ARTEMIS® technology to target not only CD19,
but also CD22, a protein that, like CD19, is expressed on the
surface of most B-cell malignancies. Estrella is also collaborating
with Imugene Limited and its product candidate, CF33-CD19t an
oncolytic virus ("CF33-CD19t"), to research the use of EB103 in
conjunction with CF33-CD19t to treat solid tumors using a "mark and
kill" strategy.
About UPTD
TradeUP Acquisition Corp. was a blank check company formed for the
purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. UPTD was incorporated
under the laws of the State of
Delaware on January 6,
2021.
Forward-Looking Statements
This press release contains
forward-looking statements, within the meaning of section 27A of
the U.S. Securities Act of 1933, as amended (the "Securities Act"),
and section 21E of the U.S. Securities Exchange Act of 1934
("Exchange Act") that are based on beliefs and assumptions and on
information currently available to UPTD and Estrella. In some
cases, you can identify forward-looking statements by the following
words: "may," "will," "could," "would," "should," "expect,"
"intend," "plan," "anticipate," "believe," "estimate," "predict,"
"project," "potential," "continue," "ongoing," "target," "seek" or
the negative or plural of these words, or other similar expressions
that are predictions or indicate future events or prospects,
although not all forward-looking statements contain these words.
Any statements that refer to expectations, projections or other
characterizations of future events or circumstances, including
projections of market opportunity and market share, the capability
of Estrella's business plans, the sources and uses of cash from the
business combination, the anticipated enterprise value of the
combined company following the consummation of the business
combination and anticipated benefits of the business combination
are also forward-looking statements. These statements involve
risks, uncertainties and other factors that may cause actual
results, levels of activity, performance or achievements to be
materially different from those expressed or implied by these
forward-looking statements. Although each of UPTD and Estrella
believes that it has a reasonable basis for each forward-looking
statement contained in this communication, each of UPTD and
Estrella caution you that these statements are based on a
combination of facts and factors currently known and projections of
the future, which are inherently uncertain. In addition, risks and
uncertainties are described in the definitive proxy
statement/prospectus relating to the business combination which has
been filed by UPTD with the SEC and other documents filed by UPTD
or Estrella from time to time with the SEC. These filings may
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Neither UPTD nor
Estrella can assure you that the forward-looking statements in this
communication will prove to be accurate. These forward-looking
statements are subject to a number of risks and uncertainties,
including, among others, the ability to recognize the anticipated
benefits of the business combination, costs related to the
transaction, the impact of the global COVID-19 pandemic, the
outcome of any potential litigation, government or regulatory
proceedings and other risks and uncertainties, including those to
be included under the heading "Risk Factors" in the definitive
proxy statement/prospectus relating to the business combination,
the final prospectus for UPTD's initial public offering filed with
the SEC on June 19, 2021 and in its subsequent quarterly
reports on Form 10-Q, annual reports on Form 10-K and other filings
with the SEC. There may be additional risks that neither UPTD or
Estrella presently know or that UPTD and Estrella currently believe
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In light of the
significant uncertainties in these forward-looking statements, you
should not regard these statements as a representation or warranty
by UPTD, Estrella, their respective directors, officers or
employees or any other person that UPTD and Estrella will achieve
their objectives and plans in any specified time frame, or at all.
The forward-looking statements in this press release represent the
views of UPTD and Estrella as of the date of this communication.
Subsequent events and developments may cause those views to change.
However, while UPTD and Estrella may update these forward-looking
statements in the future, there is no current intention to do so,
except to the extent required by applicable law. You should,
therefore, not rely on these forward-looking statements as
representing the views of UPTD or Estrella as of any date
subsequent to the date of this communication.
Corporate Contact:
Investor Relations
Estrella Biopharma, Inc.
IR@estrellabio.com
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SOURCE TradeUP Acquisition Corp.