ResoTher Pharma takes public listing via reverse merger with Hunter Capital shell
What's the deal? Swedish-listed shell company Hunter Capital RTO 1 has signed a transaction agreement to reverse-acquire Danish biotech ResoTher PharmaDealroom has a profile for this one. Try Dealroom →, making it the operating business of the listed entity. ResoTher shareholders are expected to hold about 82% of the combined company; Hunter Capital's existing shareholders would keep roughly 18%. The deal values ResoTher at an indicative US$33M and the combined entity at about US$40.3M.
How it works: Hunter Capital will pay by issuing new shares in exchange for ResoTher stock. The transaction needs approval at an extraordinary general meeting, expected within days, plus continued-listing approval from SpotlightDealroom has a profile for this one. Try Dealroom →.
Why now? The agreement follows ResoTher's September Phase 2a readout for lead candidate RTP-026, which cleared a key condition for the deal. The results, in a 66-patient trial of STEMI heart-attack patients, showed a favourable safety profile and early signals of improved cardiac function.
What's the endgame? RTP-026 aims to protect the heart muscle from inflammation-related damage after a severe heart attack. ResoTher is preparing a larger international Phase 2b trial of about 200 patients to test efficacy and long-term survival.
What could go wrong? The Phase 2a trial was built for safety, not powered to prove efficacy, and its headline comparison was descriptive. "No baseline-adjusted between-group analysis has been performed," chief executive officer Anders Kronborg said. Financing matters too: ResoTher raised about US$5.8M in 2026 and would gain access to a further US$3.87M convertible facility from Hunter Capital if the deal closes.
The signal: Reverse mergers into listed shells remain a low-friction route to public markets for clinical-stage biotechs needing capital. But the cardiac-protection field is littered with failures — a comparable candidate posted promising Phase 2 data before flopping in a 2,317-patient Phase 3 last year — leaving execution and funding as the real tests ahead.
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Image credit: Generated with Gemini
