03 October 2025 | Friday | News
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NYB announced that it entered into a business combination agreement ("BCA") with RF Acquisition Corp II ("RFAI") (NASDAQ: RFAI), a publicly traded special purpose acquisition company, in a transaction aimed at making NYB become a publicly listed company (the "Proposed Transaction"). Following the closing, the combined company (the "Combined Company") is expected to be listed on Nasdaq under the reserved ticker symbol "NYB."
The Combined Company will continue to be led by serial entrepreneur Roland Ong, Chairman of NYB and Professor Li Hoi Yeung, Lead Principal Investigator of the joint laboratory, along with other key members of the executive leadership team. Mr. Ong and Professor Li co-founded the joint laboratory initiative between NTU and NYB five years ago, receiving funding support from key investors The9 Limited (Nasdaq: NCTY) ("The9"), Mercatus Capital, a Singapore-based family office, and other shareholders.
NYB's shareholders, including The9 and Mercatus Capital will retain a majority of the Combined Company's outstanding shares, and NYB will designate a majority of the director nominees for the Combined Company's board.
NYB operates an industry-recognized AI Drug Discovery Platform powered by Nvidia, HP, and Equinix
NYB is an AI-driven drug discovery and biotechnology company. Its flagship Vecura™ AI platform, powered by the proprietary DTIGN, translates vast biochemical spaces into feasible drug candidates. In 2024, the DTIGN engine outperformed competitors by 27% in benchmarking tests[1], as published in the prestigious IEEE magazine, a peer-reviewed journal. The DTIGN engine was also awarded 1st Prize at the SuperAI Genesis Startup Competition 2025 among over 700 global startups[2], underscoring NYB's pioneering role in AI-biotech innovation. Building on this foundation, and in strategic collaboration with global technology leaders such as NVIDIA, Hewlett Packard Enterprise (HPE), Equinix, and top-tier research institutions, NYB is developing what we believe to be one of the world's largest AI-curated natural compound libraries anchored in Singapore. With this fully integrated ecosystem and go-to-market strategy, we believe NYB is redefining AI-driven drug discovery, accelerating the path to next-generation pharmaceuticals, functional foods, and personalized healthcare solutions.
Powered by Vecura™ AI and DTIGN, NYB's AI-guided drug discovery has identified multiple nature-inspired small molecules — such as NB-B101 (solid tumors), NB-C201 (cardiovascular health) and NB-C301 (mental health) all progressing through preclinical stages. Supported by strong intellectual property, including international patent applications and early-stage provisional patents, the pipeline targets high-unmet needs in oncology, cardiovascular aliments, and mental health.
First-in-Class ILF2 Oncology Candidate Positioned to Capture Massive Unmet Global Demand
NYB is advancing a strong pipeline rooted in Asia's biodiversity, spanning oncology, cardiovascular aliments and mental health therapeutics. We believe that NYB's leading candidate, NB-A002, is a first-in-class oncology therapy targeting the previously undruggable ILF2 protein. By inducing synthetic lethality in HRD cancers, including BRCA-mutated and BRCAness tumors, we believe NB-A002 offers a superior alternative to PARP inhibitors with potential treatments across ovarian, breast, lung and other solid tumors.
The global DDR therapy market is valued at $8.3 billion today and expected to reach $19.5 billion by the mid-2030s[3]. With 91% of pan-cancer cases in Chinese populations carrying actionable DDR/HRD alterations, we believe NB-A002 is uniquely positioned to potentially address massive unmet demand in oncology.
NYB-NTU Collaboration Unlocks AI and Natural Compounds for Breakthrough Drug Discovery
NYB has established a pioneering joint laboratory with NTU, a global AI powerhouse ranked 2nd worldwide for AI by the U.S. News & World Report 2025[4]. The NYB-NTU collaboration is developing the next-generation AI engine underpinning Vecura™ AI, harnessing the power of AI and the therapeutic potential of natural compounds to accelerate discovery across small molecules, biologics, and other large-molecule modalities. This partnership is designed to advance NYB's pipeline across oncology, cardiovascular, metabolic and mental health disciplines, supporting its vision of extending human longevity.
Management Commentary
Tse Meng Ng, Chairman and CEO of RF Acquisition, comments, "We are thrilled to partner with Roland, Professor Li, and the NYB team at this pivotal moment in their growth journey. NYB has built a truly differentiated AI-powered drug discovery platform, combining world-class research capabilities with a strong pipeline of therapeutic candidates. We believe NYB is uniquely positioned to transform the future of medicine by addressing areas of high unmet medical need. This transaction reflects our confidence in NYB's ability to create lasting value for patients, shareholders, and the broader healthcare ecosystem. We look forward to supporting the Company as it enters the public markets and executes on its vision of reshaping healthcare through innovation."
Roland Ong, Group Chairman of NYB, comments, "We are delighted to announce our business combination with RF Acquisition Corp II, marking an important milestone in NYB's journey. AI-driven drug discovery is breaking through barriers that have long hindered the advancement of medicine, significantly reducing R&D time and costs while opening new opportunities for humanity to pursue longevity. Our proprietary DTIGN platform has mapped vast numbers of natural compounds and identified promising candidates, strengthening the feasibility of a new era of drug development. On top of that, our lead molecule NB-A002 introduces a novel approach to treating solid tumors, and we are honored to have received a clinical trial invitation from the head of oncology at one of the world's top universities. At the same time, our pioneering collaboration with NTU continues to propel us forward, building the next generation of AI engines and expanding discovery into biologics and other modalities. Together, these achievements affirm our vision of reshaping healthcare through innovation."
Transaction Overview
The Proposed Transaction gives NYB approximately $1.5 billion in pre-transaction equity value.
NYB's existing shareholders, including The9 and Mercatus Capital will roll over 100% of the equity and retain a majority of the Combined Company's outstanding shares, while NYB will also designate a majority of the Combined Company's board of directors.
Following the Proposed Transaction, NYB aims to accelerate the discovery of more effective drug molecules and identify active ingredients from natural sources for use in both pharmaceuticals and traditional medicine.
The transaction has been approved by the Board of Directors of NYB and RFAI, and its closing is expected to be in the first or second quarter of 2026, subject to shareholders' approval and the satisfaction of customary closing conditions.
Additional information about the Proposed Transaction, including a copy of the business combination agreement and investor presentation, will be provided in one or more Current Reports on Form 8-K to be filed by RFAI with the Securities and Exchange Commission ("SEC").
Advisors
Ortoli Rosenstadt LLP is serving as NYB's US counsel. Winston & Strawn LLP is serving as counsel to RFAI. Insight Law LLC is serving as NYB's Singapore counsel. Maples and Calder (Hong Kong) LLP is serving as NYB's Cayman Islands counsel. EarlyBirdCapital, Inc. is serving as a financial advisor to RFAI.
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