Biotech Acquisition Company Announces Plan for New Sponsor to Make Additional Contributions to Trust Account Upon Approval of Proposed Extension Amendment

NEW YORK, Jan. 4, 2023 /PRNewswire/ -- Biotech Acquisition Company (NASDAQ: BIOT) (the "Company"), a publicly traded special purpose acquisition company, today announced that in connection with a proposed extension (the "Extension") of the time period the Company has to complete an initial business combination, as described in the Proxy Statement (as defined below), IREEM LLC, which has entered into an agreement to acquire the current sponsor's interest in the Company (as described in the Proxy Statement), will deposit into the Company's trust account (the "Trust Account") for each additional month the lesser of (i) an aggregate of $457,500 or (ii) $0.055 per share that remains outstanding and is not redeemed in connection with the Extension.