# Medicus Pharma Proposes $135 Million SkinJect SPAC Combination

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/49069
Published: 2026-11-05T05:45:52.000Z
Updated: 2026-11-05T05:45:52.000Z
Section: Business

> The nonbinding letter contemplates a pre-money enterprise valuation and concurrent equity financing, but the financing terms and SPAC’s identity remain undisclosed.

Medicus Pharma announced Wednesday that its proposed SPAC transaction for SkinJect contemplates a $135 million pre-money enterprise valuation, with financing details and final ownership unresolved.

The nonbinding letter of intent was signed Wednesday, Nov. 4, by Skinject, Inc. (SkinJect), Medicus’ wholly owned subsidiary, and a special purpose acquisition company whose identity has not been disclosed. The proposal also contemplates a concurrent equity financing. The $135 million figure is SkinJect’s proposed valuation before that financing, not the amount being raised; the financing’s size and terms have not been disclosed.

The financing would support SKNJCT-005, a planned clinical study in patients with Gorlin syndrome, and preparation for a potential New Drug Application. Under the proposed structure, the SPAC would acquire all of SkinJect in exchange for newly issued common shares in the combined company. Medicus is seeking to retain majority economic and voting ownership, but the final split depends on capitalization terms that remain under negotiation.

SkinJect is an investigational dissolvable microneedle-array patch designed to deliver doxorubicin to basal cell carcinoma lesions. Gorlin syndrome is a rare condition associated with multiple, recurrent basal cell carcinomas, and Medicus has focused its future internally sponsored SkinJect development on the condition. The planned SKNJCT-005 registrational Phase 2b study is intended to support a potential NDA. It is designed to evaluate SkinJect at 200 micrograms and enroll up to 50 patients. The Food and Drug Administration (FDA) issued a “Study May Proceed” letter for the study.

“We believe this proposed transaction will represent a meaningful step toward executing our strategic mandate to unlock the value of this important clinical-stage asset for our shareholders,” said Dr. Raza Bokhari, Medicus’ executive chairman and CEO. SkinJect remains investigational, and any potential application or approval depends on clinical results and regulatory requirements.

Medicus is targeting completion in the first half of 2027. The proposal remains subject to due diligence, definitive agreements, financing, a minimum-cash condition, board and shareholder approvals, Securities and Exchange Commission filings and listing approval.