UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 10, 2023
Healthwell Acquisition Corp. I
(Exact name of registrant as specified in its
charter)
Delaware |
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001-40697 |
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86-1911840 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
1001 Green Bay Rd, #227
Winnetka, IL 60093
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (847) 230-9162
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☒ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant |
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HWELU |
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The Nasdaq Stock Market LLC |
Class A common stock, par value $0.0001 per share |
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HWEL |
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The Nasdaq Stock Market LLC |
Redeemable warrants, each warrant exercisable for one share of Class A common stock for $11.50 per share |
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HWELW |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure.
As previously
disclosed by Healthwell Acquisition Corp. I, a Delaware corporation (“Healthwell”), in a Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 3, 2023, Healthwell entered into a business
combination agreement on April 27, 2023 (as amended on May 15, 2023 and as may be further amended or supplemented from time to
time, “Business Combination Agreement”) with Starton Therapeutics, Inc., a British
Columbia corporation (“Starton”), HWEL Holdings Corp., a Delaware corporation and wholly-owned subsidiary of Healthwell
(“Pubco”), HWEL Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of Pubco, 1412384 B.C. Unlimited
Liability Company, a British Columbia unlimited liability company and wholly-owned subsidiary of Pubco (“CallCo”), 1412388
B.C. Ltd, a British Columbia corporation and wholly-owned subsidiary of CallCo, Healthwell Acquisition Corp. I Sponsor LLC, a Delaware
limited liability company, as the representative from and after the Effective Time (as defined in the Business Combination Agreement)
of the stockholders of Pubco (other than the Starton Shareholders (as defined below) and their successors and assignees), and Kiriakos
Charlie Perperidis, in the capacity as the representative of the shareholders of Starton (the “Starton Shareholders”)
from and after the Effective Time (all of the transactions contemplated by the Business Combination Agreement, including the issuances
of securities thereunder, the “Transaction”).
On July 10, 2023, Starton issued a press release
announcing updates on Starton’s Phase 1b STAR-LLD clinical trial of its investigational continuous delivery lenalidomide in multiple
myeloma, including that Starton has entered into a definitive agreement to conduct its Phase 1b trial in multiple myeloma with a global
research organization (the “Press Release”). A copy of the Press Release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K (this “Current Report”).
The
information in this Item 7.01 of this Current Report and the Press Release being furnished herewith shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section
or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 7.01 and in the Press Release
shall not be incorporated by reference into any filing with the SEC whether made before or after the date hereof, regardless of any general
incorporation language in such filing.
Additional Information
and Where to Find It
In connection with the
Transaction, Pubco filed a registration statement on Form S-4 with the SEC on May 15, 2023 (as may be amended or supplemented from time
to time, the “Registration Statement”), which includes a preliminary proxy statement and a prospectus in connection
with the Transaction. STOCKHOLDERS OF HEALTHWELL ARE ADVISED TO READ THE PRELIMINARY
PROXY STATEMENT AND, WHEN AVAILABLE, ANY AMENDMENTS THERETO, THE DEFINITIVE PROXY STATEMENT, THE PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. THIS DOCUMENT WILL NOT CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING THE TRANSACTION. IT IS ALSO NOT INTENDED
TO FORM THE BASIS OF ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF THE TRANSACTION. When available, the definitive proxy
statement and other relevant documents will be mailed to the stockholders of Healthwell as of a record date to be established for voting
on the Transaction. Stockholders and other interested persons will also be able to obtain copies of the preliminary proxy statement, the
definitive proxy statement, the Registration Statement and other documents filed the SEC that will be incorporated by reference therein,
without charge, once available, at the SEC’s website at www.sec.gov.
Healthwell’s stockholders
will also be able to obtain a copy of such documents, without charge, by directing a request to: Healthwell Acquisition Corp. I, 1001
Green Bay Rd, #227 Winnetka, IL 60093; e-mail: healthwell.management@healthwellspac.com.
Forward-Looking
Statements
This Current Report contains
forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation
Reform Act of 1995. Any statements other than statements of historical fact contained herein are forward-looking statements. Such forward-looking
statements include, but are not limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies
regarding Starton and the Transaction and the future held by the respective management teams of Healthwell or Starton, the anticipated
benefits and the anticipated timing of the Transaction, future financial condition and performance of Starton and expected financial impacts
of the Transaction (including future revenue, pro forma enterprise value and cash balance), the satisfaction of closing conditions to
the Transaction, financing transactions, if any, related to the Transaction, the level of redemptions of Healthwell’s public stockholders
and the products and markets and expected future performance and market opportunities of Starton. These forward-looking statements generally
are identified by the words “anticipate,” “believe,” “could,” “expect,” “estimate,”
“future,” “intend,” “may,” “might,” “strategy,” “opportunity,”
“plan,” “project,” “possible,” “potential,” “project,” “predict,”
“scales,” “representative of,” “valuation,” “should,” “will,” “would,”
“will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements
about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many
factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, without
limitation: (i) the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the price
of Healthwell’s securities; (ii) the risk that the Transaction may not be completed by Healthwell’s business combination deadline
and the potential failure to obtain an extension of the business combination deadline if sought by Healthwell; (iii) the failure to satisfy
the conditions to the consummation of the Transaction, including, among others, the condition that Healthwell has cash or cash equivalents
of at least $15 million, and the requirement that the Business Combination Agreement and the transactions contemplated thereby be approved
by the stockholders of each of Healthwell and Starton; (iv) the failure to obtain any applicable regulatory approvals required to consummate
the Transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business
Combination Agreement; (vi) the effect of the announcement or pendency of the Transaction on Starton’s business relationships, operating
results, and business generally; (vii) risks that the Transaction disrupts current plans and operations of Starton; (viii) the risk that
Pubco may not be able to raise funds in a PIPE financing or may not be able to raise as much as anticipated; (ix) the outcome of any legal
proceedings that may be instituted against Starton or Healthwell related to the Business Combination Agreement or the Transaction; (x)
the ability to maintain the listing of Healthwell’s securities on a national securities exchange or failure of Pubco to meet initial
listing standards in connection with the consummation of the Transaction; (xi) uncertainty regarding outcomes of Starton’s ongoing
clinical trials, particularly as they relate to regulatory review and potential approval for its product candidates; (xii) risks associated
with Starton’s efforts to commercialize a product candidate; (xiii) Starton’s ability to negotiate and enter into definitive
agreements for supply, sales, marketing, and/or distribution on favorable terms, if at all; (xiv) the impact of competing product candidates
on Starton’s business; (xv) intellectual property-related claims; and (xvi) Starton’s ability to attract and retain qualified
personnel; and (xvii) Starton’s ability to continue to source the raw materials for its product candidates.
The foregoing list of
factors is not exhaustive. Recipients should carefully consider such factors and the other risks and uncertainties described and to be
described in the “Risk Factors” section of Healthwell’s initial public offering (the “IPO”) prospectus
filed with the SEC on August 4, 2021, Healthwell’s Annual Report on Form 10-K filed for the year ended December 31, 2022 filed with
the SEC on March 3, 2023 and subsequent periodic reports filed by Healthwell with the SEC, the Registration Statement and other documents
filed or to be filed by Healthwell and Pubco from time to time with the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made. Recipients are cautioned not to put undue reliance on forward-looking
statements, and neither Starton, Healthwell nor Pubco assume any obligation to, nor intend to, update or revise these forward-looking
statements, whether as a result of new information, future events, or otherwise, except as required by law. Neither Starton, Healthwell
nor Pubco gives any assurance that either Starton or Healthwell, or the combined company, will achieve its expectations.
Information Sources;
No Representations
The communication furnished
herewith has been prepared for use by Healthwell and Starton in connection with the Transaction. The information therein does not purport
to be all-inclusive. The information therein is derived from various internal and external sources, with all information relating to the
business, past performance, results of operations and financial condition of Healthwell derived entirely from Healthwell and all information
relating to the business, past performance, results of operations and financial condition of Starton derived entirely from Starton. No
representation is made as to the reasonableness of the assumptions made with respect to the information therein, or to the accuracy or
completeness of any projections or modeling or any other information contained therein. Any data on past performance or modeling contained
therein is not an indication as to future performance.
No representations or
warranties, express or implied, are given in respect of the communication. To the fullest extent permitted by law in no circumstances
will Healthwell, Starton or Pubco, or any of their respective subsidiaries, affiliates, shareholders, representatives, partners, directors,
officers, employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising
from the use of this communication (including without limitation any projections or models), any omissions, reliance on information contained
within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith, which information relating in
any way to the operations of Starton has been derived, directly or indirectly, exclusively from Starton and has not been independently
verified by Healthwell. Neither the independent auditors of Healthwell nor the independent auditors of or Starton audited, reviewed, compiled
or performed any procedures with respect to any projections or models for the purpose of their inclusion in the communication and, accordingly,
neither of them expressed any opinion or provided any other form of assurances with respect thereto for the purposes of the communication.
Prior Disclosures
Starton is aware that
its CEO appeared on the television program “Unicorn Hunters” on June 7, 2021. During that appearance, the CEO made a number
of representations as to Starton’s approach to reformulating drug products to improve efficacy, tolerability and patients’
quality of life. As part of these representations, the CEO raised the specific example of Starton’s investigational reformulation
of Revlimid™. While Starton believes in the value of its product, it understands that any clinical superiority claims cannot be
made absent specific findings from rigorous clinical studies which Starton has not undertaken. The CEO’s comments on the television
program were not intended to suggest Starton has conducted such studies; Starton does not have data to support these specific representations
and disclaims any representations or purported representations by its CEO which either stated or implied the contrary.
Trademarks and
Tradenames
This communication includes
trademarks of Starton, which are protected under applicable intellectual property laws and are the property of Starton or its subsidiaries.
This communication also includes other trademarks, trade names and service marks that are the property of their respective owners. We
do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement
or sponsorship of us by, any other companies.
Participants in
the Solicitation
Healthwell, Starton,
Pubco and their respective directors and executive officers may be deemed participants in the solicitation of proxies of Healthwell’s
stockholders in connection with the Transaction. Healthwell’s stockholders and other interested persons may obtain more detailed
information regarding the names, affiliations, and interests of certain of Healthwell executive officers and directors in the solicitation
by reading Healthwell’s final prospectus filed with the SEC on August 4, 2021 in connection with the IPO, Healthwell’s Annual
Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 3, 2023 and Healthwell’s other filings with
the SEC. A list of the names of such directors and executive officers and information regarding their interests in the Transaction, which
may, in some cases, be different from those of stockholders generally, are set forth in the Registration Statement relating to the Transaction.
These documents can be obtained free of charge from the source indicated above.
No Offer or Solicitation
This communication shall
not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction. This
communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale
of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: July 10, 2023 |
Healthwell Acquisition Corp. I |
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By: |
/s/ Alyssa Rapp |
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Name: |
Alyssa Rapp |
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Title: |
Chief Executive Officer |
5
Exhibit 99.1
Starton Therapeutics Contracts Global Clinical
Research Organization to Conduct STAR-LLD Phase 1b Clinical Trial in Multiple Myeloma
| ● | Nash Gabrail, MD of the Gabrail Cancer Center to be lead investigator |
| ● | Start-up services are underway with patient enrollment planned for
Q4 2023 |
PARAMUS, N.J., July 10, 2023 – Starton Therapeutics Inc. (“Starton” or “the Company”),
a clinical stage biotechnology company focused on transforming standard-of-care therapies with proprietary continuous delivery technology,
today entered into a definitive agreement to conduct its Phase 1b trial in multiple myeloma with a global Clinical Research Organization
(CRO).
This pilot, open-label study will evaluate patients
treated with continuously delivered lenalidomide for safety and tolerability, immune biomarkers, and signals of efficacy. Transplant-ineligible
multiple myeloma patients who are to receive lenalidomide/dexamethasone/bortezomib in their second- or greater-line of therapy, meet all
other eligibility criteria and provide informed consent are eligible for the study. The study is expected to accrue patients in the United
States in two centers over a period of 10 months and will provide readouts in the tolerability of the regimen, as well as the impact of
continuous delivery on immune function by measuring biomarkers of T-cell, NK-cell, and B-cell upregulation, along with cytokine profiles
induced by lenalidomide. It is also expected to provide signals of efficacy in assessing response rates, duration of response, progression
free survival, and changes in minimal residual disease.
“With our recently announced FDA authorization to proceed with
the Phase 1b clinical trial of STAR-LLD in multiple myeloma, we are pleased to announce a CRO partner as we actively prepare to initiate
this study,” said Pedro Lichtinger, Chairman and CEO of Starton Therapeutics. “STAR-LLD has the potential to bring much-needed
innovation to the treatment of multiple myeloma, which under current therapeutic options presents deteriorating quality of life for patients.
We are eager to evaluate the potential of STAR-LLD in this trial as a critical step towards delivering on our pipeline of transformative
therapies using our continuous delivery technology.”
Starton has signed an agreement for a business combination with Healthwell
Acquisition Corp. I (Nasdaq: HWEL) (“Healthwell”). Please see "Additional Information and Where to Find It" below
for additional information related to the proposed business combination.
About STAR-LLD
STAR-LLD is a continuous delivery lenalidomide
in development to expand and replace the standard of care for the most common blood cancers, multiple myeloma and chronic lymphocytic
leukemia (CLL). A preclinical proof-of-concept study for STAR-LLD demonstrated that MM tumors caused by human myeloma cells grew 25-fold
if untreated, five-fold when treated with daily lenalidomide and shrank by 80% with STAR-LLD. The study also showed 100% efficacy (overall
response rate ORR) at 144 mcg/day continuous LLD and 20% of animals in this cohort were tumor free after 100 days vs. 0% ORR with active
control with daily pulsatile once daily dosing. In addition, a Phase 1 bioavailability study in healthy men comparing STAR-LLD to Revlimid
demonstrated the drug is well tolerated and is >91% bioavailable by the subcutaneous route. It was also observed that the Cmax is <90%
lower than oral Revlimid. These data support the safety of the planned Phase 1 dose of 400 mcg/hr (9.6 mg a day) versus a standard 25
mg a day dose of Revlimid.
About Starton Therapeutics
A clinical-stage biotechnology platform company
focused on transforming standard of care therapies with proprietary continuous delivery technology, so people with cancer can receive
continuous treatment to live better, longer. Starton’s proprietary transdermal technology is intended to increase efficacy of approved
drugs, to make them more tolerable and expand their potential use. To learn more, visit www.startontx.com.
About Healthwell
Healthwell is a blank check company, also commonly
referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses or entities.
Additional Information and Where to Find It
In connection with the transactions contemplated
by the business combination agreement, dated April 27, 2023 (as amended on May 15, 2023 and as many be further amended or supplemented
from time to time, the “Business Combination Agreement,” and all of the transactions contemplated thereunder, the “Transaction”),
by and among Starton, Healthwell, HWEL Holdings Corp., a Delaware corporation and wholly-owned subsidiary of Healthwell (“Pubco”),
and other parties thereto, Pubco filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”)
on May 15, 2023 (as may be amended or supplemented from time to time, the “Registration Statement”), which includes a preliminary
proxy statement and a prospectus in connection with the Transaction. STOCKHOLDERS OF HEALTHWELL ARE ADVISED TO READ THE PRELIMINARY PROXY
STATEMENT, AND, WHEN AVAILABLE, ANY AMENDMENTS THERETO, THE DEFINITIVE PROXY STATEMENT, THE PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. THIS DOCUMENT WILL NOT CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING THE TRANSACTION. IT IS ALSO NOT INTENDED
TO FORM THE BASIS OF ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF THE TRANSACTION. When available, the definitive proxy
statement and other relevant documents will be mailed to the stockholders of Healthwell as of a record date to be established for voting
on the Transaction. Stockholders and other interested persons will also be able to obtain copies of the preliminary proxy statement, the
definitive proxy statement, the Registration Statement and other documents filed the SEC that will be incorporated by reference therein,
without charge, once available, at the SEC’s website at www.sec.gov. Healthwell’s stockholders will also be able to obtain
a copy of such documents, without charge, by directing a request to: Healthwell Acquisition Corp., 1001 Green Bay Rd, #227 Winnetka, IL
60093; e-mail: healthwell.management@healthwellspac.com.
Forward-Looking Statements
This communication contains forward-looking statements for purposes
of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other
than statements of historical fact contained herein are forward-looking statements. Such forward-looking statements include, but are not
limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding Starton and the Transaction
and the future held by the respective management teams of Healthwell or Starton, the anticipated benefits and the anticipated timing of
the Transaction, future financial condition and performance of Starton and expected financial impacts of the Transaction (including future
revenue, pro forma enterprise value and cash balance), the satisfaction of closing conditions to the Transaction, financing transactions,
if any, related to the Transaction, the level of redemptions of Healthwell’s public stockholders and the products and markets and
expected future performance and market opportunities of Starton. These forward-looking statements generally are identified by the words
“anticipate,” “believe,” “could,” “expect,” “estimate,” “future,”
“intend,” “may,” “might,” “strategy,” “opportunity,” “plan,” “project,”
“possible,” “potential,” “project,” “predict,” “scales,” “representative
of,” “valuation,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement
is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future
events to differ materially from the forward-looking statements in this communication, including, without limitation: (i) the risk that
the Transaction may not be completed in a timely manner or at all, which may adversely affect the price of Healthwell’s securities;
(ii) the risk that the Transaction may not be completed by Healthwell’s business combination deadline and the potential failure
to obtain an extension of the business combination deadline if sought by Healthwell; (iii) the failure to satisfy the conditions to the
consummation of the Transaction, including, among others, the condition that Healthwell has cash or cash equivalents of at least $15 million,
and the requirement that the Business Combination Agreement and the transactions contemplated thereby be approved by the stockholders
of each of Healthwell and Starton; (iv) the failure to obtain any applicable regulatory approvals required to consummate the Transaction;
(v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement;
(vi) the effect of the announcement or pendency of the Transaction on Starton’s business relationships, operating results, and business
generally; (vii) risks that the Transaction disrupts current plans and operations of Starton; (viii) the risk that Pubco may not be able
to raise funds in a PIPE financing or may not be able to raise as much as anticipated; (ix) the outcome of any legal proceedings that
may be instituted against Starton or Healthwell related to the Business Combination Agreement or the Transaction; (x) the ability to maintain
the listing of Healthwell’s securities on a national securities exchange or failure of Pubco to meet initial listing standards in
connection with the consummation of the Transaction; (xi) uncertainty regarding outcomes of Starton’s ongoing clinical trials, particularly
as they relate to regulatory review and potential approval for its product candidates; (xii) risks associated with Starton’s efforts
to commercialize a product candidate; (xiii) Starton’s ability to negotiate and enter into definitive agreements for supply, sales,
marketing, and/or distribution on favorable terms, if at all; (xiv) the impact of competing product candidates on Starton’s business;
(xv) intellectual property-related claims; and (xvi) Starton’s ability to attract and retain qualified personnel; and (xvii) Starton’s
ability to continue to source the raw materials for its product candidates.
The foregoing list of
factors is not exhaustive. Recipients should carefully consider such factors and the other risks and uncertainties described and to be
described in the “Risk Factors” section of Healthwell’s initial public offering (the “IPO”) prospectus filed
with the SEC on August 4, 2021, Healthwell’s Annual Report on Form 10-K filed for the year ended December 31, 2022 filed with the
SEC on March 3, 2023 and subsequent periodic reports filed by Healthwell with the SEC, the Registration Statement and other documents
filed or to be filed by Healthwell and Pubco from time to time with the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made. Recipients are cautioned not to put undue reliance on forward-looking
statements, and neither Starton, Healthwell nor Pubco assume any obligation to, nor intend to, update or revise these forward-looking
statements, whether as a result of new information, future events, or otherwise, except as required by law. Neither Starton, Healthwell
nor Pubco gives any assurance that either Starton or Healthwell, or the combined company, will achieve its expectations.
Information Sources;
No Representations
The information herein
does not purport to be all-inclusive. The information herein is derived from various internal and external sources, with all information
relating to the business, past performance, results of operations and financial condition of Healthwell derived entirely from Healthwell
and all information relating to the business, past performance, results of operations and financial condition of Starton derived entirely
from Starton. No representation is made as to the reasonableness of the assumptions made with respect to the information therein, or to
the accuracy or completeness of any projections or modeling or any other information contained therein. Any data on past performance or
modeling contained therein is not an indication as to future performance.
No representations or
warranties, express or implied, are given in respect of the communication. To the fullest extent permitted by law in no circumstances
will Healthwell, Starton or Pubco, or any of their respective subsidiaries, affiliates, shareholders, representatives, partners, directors,
officers, employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising
from the use of this communication (including without limitation any projections or models), any omissions, reliance on information contained
within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith, which information relating in
any way to the operations of Starton has been derived, directly or indirectly, exclusively from Starton and has not been independently
verified by Healthwell. Neither the independent auditors of Healthwell nor the independent auditors of or Starton audited, reviewed, compiled
or performed any procedures with respect to any projections or models for the purpose of their inclusion in the communication and, accordingly,
neither of them expressed any opinion or provided any other form of assurances with respect thereto for the purposes of the communication.
Prior Disclosures
Starton is aware that its CEO appeared on the
television program “Unicorn Hunters” on June 7, 2021. During that appearance, the CEO made a number of representations as
to Starton’s approach to reformulating drug products to improve efficacy, tolerability and patients’ quality of life. As part
of these representations, the CEO raised the specific example of Starton’s investigational reformulation of Revlimid. While Starton
believes in the value of its product, it understands that any clinical superiority claims cannot be made absent specific findings from
rigorous clinical studies which Starton has not undertaken. The CEO’s comments on the television program were not intended to suggest
Starton has conducted such studies; Starton does not have data to support these specific representations and disclaims any representations
or purported representations by its CEO which either stated or implied the contrary.
Trademarks and Tradenames
This communication includes trademarks of Starton,
which are protected under applicable intellectual property laws and are the property of Starton or its subsidiaries. This communication
also includes other trademarks, trade names and service marks that are the property of their respective owners. We do not intend our use
or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship
of us by, any other companies.
Participants in the Solicitation
Healthwell, Starton, Pubco and their respective
directors and executive officers may be deemed participants in the solicitation of proxies of Healthwell’s stockholders in connection
with the Transaction. Healthwell’s stockholders and other interested persons may obtain more detailed information regarding the
names, affiliations, and interests of certain of Healthwell executive officers and directors in the solicitation by reading Healthwell’s
final prospectus filed with the SEC on August 4, 2021 in connection with the IPO, Healthwell’s Annual Report on Form 10-K for the
year ended December 31, 2022 filed with the SEC on March 3, 2023 and Healthwell’s other filings with the SEC. A list of the names
of such directors and executive officers and information regarding their interests in the Transaction, which may, in some cases, be different
from those of stockholders generally, are set forth in the Registration Statement relating to the Transaction. These documents can be
obtained free of charge from the source indicated above.
No Offer or Solicitation
This communication shall not constitute a solicitation
of a proxy, consent or authorization with respect to any securities or in respect of the Transaction. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state
or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, or an exemption therefrom.
Contacts
Starton Therapeutics
Investors@startontx.com
Healthwell
HealthwellSPAC@edelman.com
5
Healthwell Acquisition C... (NASDAQ:HWELU)
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Healthwell Acquisition C... (NASDAQ:HWELU)
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From Aug 2023 to Aug 2024