Ocean Biomedical Inc (NASDAQ: OCEA) went public via SPAC via Aesther, Inc with a $60 million committed backstop by Vellar Opportunity Fund SPV LLC – Series 3 and a Common Stock Purchase Agreement with White Lion Capital LLC, which provides that White Lion Capital is committed to purchase the Company’s Common Stock with an aggregate gross purchase price of up to $75 million. The arrangement provides Ocean Biomedical access to capital that will enable the company to propel its diversified pipeline to commercial success. OCEA has had a rude welcome to the public markets with the shorts heavily attacking the stock from day one. After initially trading at the $10 mark and moving up to $14, the shorts attacked driving OCEA to a low of $3.06 early last week. This was followed by a massive rise on Thursday after to a high of $26.6015 following the Company press release: OCEA celebrates the discovery of bispecific antibodies that target Chitinase 3-like-1 and immune checkpoint inhibitors, killing glioblastoma cells and melanoma cells, and blocking the metastasis of malignant melanoma cells to the lung by over 90%.
After hitting $10 Friday morning it dripped below $8 by 1pm followed by 3 hours of steady buying way outnumbers sellers driving the price back up to $10 at the close. There is already a large, short position in the stock however OCEA is at the top of retail investor’s watch list and the stock is getting a ton of attention. Also, technically it looks like a 2nd wave here. Since inception Ocean Bio has recived $123.9 million in past and ongoing grants, in use to enable first-in-class drug and vaccine candidates that make up Ocean’s initial core portfolio in oncology, fibrosis, and infectious disease, all based on new target discoveries. We will be updating on OCEA when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Ocean Biomedical Inc
(NASDAQ: OCEA) commenced trading on the Nasdaq Capital Market under the symbol “OCEA” on February 15, 2023. The business combination was approved by Aesther’s shareholders on February 3, 2023. Related transactions included up to a $60 million committed backstop by Vellar Opportunity Fund SPV LLC – Series 3 and a Common Stock Purchase Agreement with White Lion Capital LLC, which provides that White Lion Capital is committed to purchase the Company’s Common Stock with an aggregate gross purchase price of up to $75 million. The arrangement provides Ocean Biomedical access to capital that will enable the company to propel its diversified pipeline to commercial success.
Chitinase 3-like-1 (CHI3L1) is a novel target and pathway discovery, the master checkpoint inhibitor, uncovered by the Ocean team. This novel, bispecific antibody approach generates strong anti-tumor response in lung cancer and brain cancer, whether used in combination or as a monotherapy. Ocean Biomedical’s novel approach to tumor suppression, focused on controlling CHI3L1, other immune checkpoint inhibitors, and T-cell co-stimulators, could control important pathways pan-cancer and has potential application for tumor suppression across multiple cancer pathways.
Ocean has identified a novel target and pathway discovery called Chitinase 1 (Chit1), as well as a potential inhibitor of this pathway called OCF-203. OCF-203 has been evaluated in multiple models of pulmonary fibrosis with impressive reductions in fibrosis. These discoveries hold potential for growth into other fibrotic diseases, including scleroderma, alcoholic liver disease, and NASH.
Ocean’s proprietary platform for infectious diseases has yielded promising vaccine and therapeutic candidates for malaria, including the discovery of PfSEA-1 and PfGARP. These targets enable a promising new strategy for combating the disease. Moreover, the company’s drug target discovery platform has the potential to discover targets against other infectious diseases, like tuberculosis or another pandemic-type virus.
$OCEA and $LUNR should be on the top of your short squeeze watch list for despacs
The number of shares traded in the last week far exceeds the public float
High short exposure on a micro float + FTDs + 0 short shares to borrow of each + short borrow fees went up 100s of % each
— 👑 (@SPACpicks) February 26, 2023
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The Company is led by Elizabeth Ng, Chief Executive Officer, a proven biotechnology veteran. Dr. Jack Elias, former Dean of Medicine at Brown University and Professor of Translational Sciences, Medicine, and Molecular Biology at the Warren Alpert Medical School Brown University, and Dr. Jake Kurtis, the current chair of pathology and laboratory medicine at Brown, each Company co-founders, will retain their positions as Scientific Advisory Board Chair and Chief Scientist, respectively.
On February 23 OCEA reported the continued celebration of the discovery of bispecific antibodies that target Chitinase 3-like-1 and immune checkpoint inhibitors, killing glioblastoma cells and melanoma cells, and blocking the metastasis of malignant melanoma cells to the lung by over 90%. Glioblastoma multiforme (GBM) is a deadly type of brain tumor and 5-year survival is just 8% for those aged 45-54. About 25% of GBM patients are not actively treated due to rapid disease progression. Malignant melanoma, the most serious skin cancer, can metastasize to other organs. Once it has spread to other organs it is difficult to treat. Metastatic melanoma (Stage IV) has 22.5% five-year survival. Non-small cell lung cancer (NSCLC) is a major unmet medical need that accounts for 85% of pulmonary malignancies and affects approximately 450,000 individuals. In greater than 50% of affected patients the tumors are diagnosed at advanced stages with metastatic spread that precludes curative surgical resection.
Recent studies from the Company’s laboratory have demonstrated that CHI3L1 is a critical regulator of a number of key cancer-causing pathways. Ocean Bio has highlighted its ability to inhibit tumor cell death (apoptosis), its inhibition of the expression of the tumor suppressors P53 and PTEN and its stimulation of the B-RAF protooncogene. Most recently it has discovered that CHI3L1 is a “master regulator” of ICPI including key elements of the PD-1 and CTLA4 pathways. In accord with the importance of these pathways the Company also generated antibodies: 1.) a monoclonal antibody against CHI3L1, and 2.) bispecific antibodies that simultaneously target CHI3L1 and PD-1 or CTLA4 representing an impressive ability of Ocean Bio bispecific antibodies to control primary and metastatic lung cancer in murine experimental modeling systems.
Dr. Chirinjeev Kathuria, co-founder and Executive Chairman stated: “Non-small cell lung cancer (NSCLC) is the leading cause of cancer death and second most diagnosed cancer in the US. Glioblastoma multiforme (GBM) is a lethal type of brain tumor that affects approximately 28,000 people in the U.S. The median survival time is about 15 months. With our discovery that CHI3L1 is a critical regulator of a number of key cancer-causing pathways by highlighting its ability to inhibit tumor cell death (apoptosis) this therapy has the potential to save thousands of lives of people effected from NSCLC and GBM.”
Passion and determination!! Thank you to all of our partners who worked so hard to get us to #OpeningDay on #NASDAQ. It has been a great journey of collaboration and breakthrough science. Next step, new treatments for #glioblastoma #lungcancer and #malaria. #innovate #IPO $OCEA pic.twitter.com/o6mRIrOppz
— Ocean Biomedical (@OceanBiomedical) February 18, 2023
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Currently trading at a $105 million market valuation OCEA os is 10.6 million shares and is brand new on the Nasdaq after merging into Aesther Healthcare Acquisition Corp., a debt free Nasdaq listed SPAC. with a $60 million committed backstop by Vellar Opportunity Fund SPV LLC – Series 3 and a Common Stock Purchase Agreement with White Lion Capital LLC, which provides that White Lion Capital is committed to purchase the Company’s Common Stock with an aggregate gross purchase price of up to $75 million. As we stated, the shorts attacked OCEA last week driving it to a low of $3.06 followed by a massive rise on Thursday after to a high of $26.6015 following the Company press release. OCEA is highly volatile and was moving up steadily all-day Friday into the close, a harbinger of what’s to come this week. While the shorts will most definitely attack with potential disastrous results s OCEA ran to over $26 in 1-day last week on 30 million shares traded. We will be updating on OCEA when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in OCEA either long or short and we have not been compensated for this article.
