Chardan Healthcare Acquisition Corp. amended the terms of its merger deal with microbiome company BiomX Ltd.

Under the amendment, the minimum closing condition of cash in New York-based Chardan Healthcare's trust account was increased to $55 million from $50 million.

Additionally, the company amended the backstop agreement under which Chardan Securities LLC agreed to purchase up to $2.5 million of Chardan Healthcare's shares if the aggregate investment amount is less than $55 million, which was previously set at $50 million.

In connection with the amendment, investors have committed or are expected to commit an additional investment of $5 million to purchase shares of Chardan Healthcare. Cornix Advisors LLC and current shareholders of BiomX will invest $2 million and $3 million at $10.35 per share, respectively.

The amendment also terminated Chardan Investment LLC's agreement to cancel up to 500,000 shares of Chardan Healthcare if the aggregate investment amount is less than $70 million.

BiomX develops customized phage-based products designed to improve the appearance of acne-prone skin and eradicate harmful bacteria in chronic diseases. The Ness Ziona, Israel-based company's pipeline includes preclinical candidates for acne-prone skin, inflammatory bowel disease, colorectal cancer and a chronic liver disease called primary sclerosing cholangitis.