TCGX uses SPAC to take migraine biotech TriGemX public, securing $246M for phase-3 trial

TCGX, a life‑sciences investment firm, announced it will merge its SPAC with TriGemX Bio, a biotech focused on migraine treatments.

TriGemX, formerly known as Kallyope, is developing a TRPM8 channel blocker called elismetrep, which is in phase 3 trials for acute migraine relief. The first readout from the study is expected in mid‑2027.

The combined company will list on Nasdaq under the ticker TGEM and will have roughly $246 million in cash, including $86 million from the SPAC and $160 million in PIPE financing from investors such as Viking Global and ADAR1 Capital.

The proceeds are earmarked to complete the phase 3 trial and prepare for a potential commercial launch, with a post‑transaction equity value projected at about $600 million.