- NurExone Biologic Inc. (TSXV:NRX; FSE:J90; NRX.V) has announced it has closed a non-brokered private placement worth nearly C$2 million
- The company stated it intends to use the proceeds for working capital purposes
- NurExone Biologic Inc. is a TSXV listed pharmaceutical company developing a platform for biologically guided ExoTherapy using exosomes as a next generation drug delivery system
- Shares of NurExone Biologic Inc. were unchanged, trading at C$0.295 as of 9:39 am ET
Biopharmaceutical company NurExone Biologic Inc. (TSXV:NRX; FSE:J90; NRX.V) has announced it has closed a non-brokered private placement worth nearly C$2 million.
According to NurExone’s news release, an aggregate of 7,091,993 units of the company were issued and sold under the private placement at a price of CD$0.28 per unit for aggregate proceeds of C$1,985,758.04. The company stated it intends to use the proceeds for working capital purposes, and it is subject to final approval of the TSX Venture Exchange.
“We are truly honored to receive the support of our investors, who have placed their trust in NurExone’s technology and exceptional team,” NurExone CEO Lior Shaltiel said in a statement. “Despite the challenging times in the markets, the fact that we have successfully raised a significant investment demonstrates the strong confidence and trust that the investment community and bio-tech professionals have in NurExone. As we embark on the journey of 2024, we remain committed to advancing the development of our unique assets and eagerly anticipate brighter days ahead.”
According to the release, details of the private placement include:
- Each unit consists of one common share in the capital of the company, and one common share purchase warrant.
- Each warrant entitles the holder thereof to purchase one common share at a price of C$0.35 per common share for a period of 36 months from the closing of the private placement.
- The warrants are subject to accelerated expiration whereby if the daily volume weighted average trading price of the common shares on the TSXV for any period of 20 consecutive trading days equals or exceeds C$0.80, the company may, upon providing written notice to the holders of the warrants, accelerate the expiry date of the warrants to a date not less than 30 days after the date of the acceleration notice.
- If the warrants are not exercised by the applicable accelerated expiry date, the warrants will expire and be of no further force or effect.
- All securities issued under the private placement are subject to a statutory hold period of four months and one day from the closing of the private placement.
“The company intends to use the proceeds of the private placement for advancing the development activities of the company’s assets, with a particular focus on progressing towards the clinical phase,” NurExone CFO Eran Ovadya said in a statement. “Additionally, we plan to leverage these funds to expand the company’s intellectual property portfolio and support various general corporate purposes.”
NurExone Biologic Inc. is a TSXV-listed pharmaceutical company developing a platform for biologically guided ExoTherapy using exosomes as a next generation drug delivery system. The company’s first product, ExoPTEN, is aimed at neural regeneration and recovery in patients who have suffered acute spinal cord injury. ExoPTEN has received Orphan Drug Designation by the FDA highlighting its potential significance for these patients.
Shares of NurExone Biologic Inc. were unchanged, trading at C$0.295 as of 9:39 am ET.
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