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Chardan Healthcare amends proposed merger with microbiome company BiomX

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.