San Gabriel-based Vesicor Therapeutics Inc., which is developing solid tumor cancer therapies that can be delivered through precision engineered microvesicles, is aiming to go public this spring through a SPAC transaction.
The company has also appointed a new chief executive, serial biotech entrepreneur Michael Tolentino.
Vesicor Therapeutics was founded in 2008 by Luo Feng, a longtime researcher in the areas of DNA replication, regulation of gene expression, gene transfer technology and cloning.
Feng developed microvesicles – small, enclosed sacs that are released by cells and then transfer proteins, nucleic acids and lipids to other target cells – to transmit cancer-fighting drugs to target solid tumor cells. These microvesicles are able to get around the defenses of tumor cells without generating severe immune reactions in the patient.
Since its founding, Vesicor Therapeutics has raised roughly $6 million to further its research. However, the company now needs more cash to reach its goal of beginning clinical trials by 2028.
To raise that money, Vescior Therapeutics is turning to a special purpose acquisition company, or SPAC, known as Black Hawk Acquisition Corp., based in Danville.
SPACs started as a faster way for companies to go public than the traditional initial public offering. While they fell out of favor following a tightening of federal regulations that took effect two years ago, in the last year or so, their use has picked up as the remaining players adapted to the new regulations. According to a January article by Lyle Daly on website Motley Fool, SPAC activity increased markedly in the first half of 2025 compared with the previous two years, especially in the tech, energy and health care sectors.
According to an announcement last month, Vesicor has set a target date of late May to go public via SPAC. Vescior hopes to raise between $10 million and $13 million from the offering transaction, according to board chairman Warren Hosseinion.
New chief chosen
That same Vesicor Therapeutics announcement focused mostly on the hiring of a new chief executive – Tolentino. He replaces Feng, who has moved into the chief scientific officer post.
Tolentino has co-founded several companies, including Cambridge, Massachusetts-based Aviceda Therapeutics, which is developing glyco-immune therapeutics to treat inflammatory diseases and conditions.
“Dr. Tolentino is an exceptional leader whose biotech industry expertise, deep relationships across the CRO and pharma ecosystems, and proven track record of creating shareholder value is exactly what Vesicor needs in its next CEO,” Hosseinion said in the announcement.
