Obsidian gains Nasdaq listing via all-stock merger with Galera and USD 350m PIPE. April 15, 2026 US-based Obsidian Therapeutics announced a definitive all-stock merger agreement with compatriot firm Galera Therapeutics (OTC: GRTX), concurrent with a USD 350 million private placement financing, to advance its engineered tumor-infiltrating lymphocyte (TIL) cell therapy pipeline in solid tumors. The transaction functions as a reverse merger, with Galera providing the public listing vehicle while Obsidian's cytoDRiVE platform and lead asset OBX-115 constitute the operational and scientific basis of the combined entity. The transaction is structured as an all-stock deal in which both companies become wholly owned subsidiaries of a newly formed parent. Upon closing, pre-closing Obsidian stockholders are expected to hold approximately 53.2% of the combined company, PIPE investors approximately 45.0%, and pre-closing Galera stockholders approximately 1.8%, subject to adjustment based on Galera's net cash at closing. The combined company will operate under the Obsidian Therapeutics name and apply to trade on Nasdaq under the ticker symbol OBX. No upfront cash consideration between the merging parties was disclosed. Pre-closing Galera stockholders will receive one contingent value right per share, entitling them to 95% of all future milestone payments arising from Galera's October 2025 asset purchase agreement with Biossil.ai covering its dismutase mimetics portfolio, for up to ten years. The transaction has received board approval from both companies and is expected to close by Q3 2026, subject to stockholder approvals, SEC registration statement effectiveness, and customary closing conditions. The USD 350 million PIPE, described as oversubscribed, draws participation from a syndicate that includes Balyasny Asset Management, Redmile, Novo Holdings A/S, RA Capital Management, RTW Investments, Wellington Management, and Atlas Venture, among others. cytoDRiVE platform and OBX-115. The scientific rationale centers on Obsidian's cytoDRiVE platform, which employs drug-responsive domains (DRDs) to achieve regulatable control of protein function within engineered cell therapies. The lead clinical asset, OBX-115, is an autologous TIL cell therapy incorporating regulatable membrane-bound IL-15 (mbIL-15). Conventional first-generation TIL therapies, including lifileucel, depend on high-dose systemic IL-2 administration to sustain T-cell persistence post-infusion, a requirement associated with dose-limiting capillary leak syndrome and inpatient hospitalization. OBX-115's mbIL-15 construct provides a cell-intrinsic, regulatable persistence signal that eliminates the need for exogenous IL-2, enabling outpatient administration with low-dose lymphodepletion. The product can be manufactured from tumor tissue obtained via minimally invasive outpatient core needle biopsy, reducing the procedural burden relative to approaches requiring surgical resection. According to the press release, OBX-115 is currently enrolled in a Phase II clinical trial for unresectable or metastatic melanoma that is resistant to immune checkpoint inhibitor therapy, and a Phase I clinical trial for non-small cell lung cancer (NSCLC). The FDA has granted OBX-115 both Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations for the melanoma indication. The USD 350 million PIPE is structured to fund the combined company's operations into the second half of 2028, providing capital through two near-term data readouts: Phase I NSCLC data expected in the first half of 2027, and melanoma registration-enabling topline data expected by year-end 2027. The melanoma registration-enabling trial positions OBX-115 as a potential competitor to lifileucel (Iovance Biotherapeutics), the only FDA-approved TIL therapy, which retains an IL-2 dependency. If OBX-115's mbIL-15 design supports comparable or superior response rates with an outpatient-compatible administration profile, the combined company would enter a commercial context where differentiation on tolerability and patient access carries material weight for payers and oncology practices. The NSCLC Phase I data expected in H1 2027 will constitute the first clinical signal for TIL therapy in a non-melanoma solid tumor indication under the cytoDRiVE architecture, a readout with implications for the platform's broader applicability across tumor types where TIL infiltration and harvest feasibility have been technical constraints. Your email address will not be published. Required fields are marked *

Galera Therapeutics, Inc. (“Galera”) (OTC: GRTX), a clinical-stage biopharmaceutical company focused on advancing a pan-NOS inhibitor through clinical develo...

Obsidian Therapeutics is going public through a reverse merger with Galera Therapeutics, alongside a $350 million private placement designed to fund operations through the second half of 2028. The combined company will trade on Nasdaq under the ticker "OBX". Obsidian's lead candidate, OBX-115, is a genetically engineered tumour-infiltrating lymphocyte cell therapy in phase 2 trials for advanced melanoma and phase 1 for non-small cell lung cancer. The company expects topline melanoma data by year-end and NSCLC trial results in the first half of 2027. Galera initiated a wind-down 18 months ago after the FDA rejected its radiotherapy complication drug. Pre-closing Obsidian stockholders will own approximately 53.2% of the combined entity, whilst Galera shareholders will hold around 1.8%.