Clene Secures $7.3 Million in Funding Through Direct Offerings and Private Placements
TL;DR
Clene (NASDAQ: CLNN) has entered a securities purchase agreement, raising an estimated $7.3 million, providing a financial advantage.
Clene will issue and sell 742,626 shares of common stock to a healthcare-focused institutional investor, with Canaccord Genuity acting as placement agent.
Clene's focus on improving mitochondrial health and treating neurodegenerative diseases could lead to life-changing therapies for patients in the future.
Clene's CNM-Au8(R) therapy targets mitochondrial function and the NAD pathway, offering a promising new approach to treating neurodegenerative diseases.
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Clene Inc. (NASDAQ: CLNN), a late clinical-stage biopharmaceutical company specializing in neurodegenerative disease treatments, has successfully secured approximately $7.3 million in gross proceeds through a combination of direct offerings and private placements. This financial move could potentially accelerate the company's research and development efforts in improving mitochondrial health and protecting neuronal function.
The company has entered into a securities purchase agreement with a healthcare-focused institutional investor for the issuance and sale of 742,626 shares of common stock or prefunded warrants. Additionally, Clene has arranged further agreements and placements with existing investors, directors, and officers. Canaccord Genuity is acting as the sole placement agent for these offerings, which are expected to close around October 1, 2024.
This influx of capital comes at a crucial time for Clene, as the company continues to develop its flagship investigational therapy, CNM-Au8®. This first-in-class treatment aims to improve the survival and function of central nervous system cells by targeting mitochondrial function and the nicotinamide adenine dinucleotide (NAD) pathway while reducing oxidative stress. The therapy shows promise for treating conditions such as amyotrophic lateral sclerosis (ALS), Parkinson's disease, and multiple sclerosis.
The successful fundraising effort underscores investor confidence in Clene's innovative approach to addressing neurodegenerative diseases. With these additional resources, the company may be better positioned to advance its clinical trials and potentially bring new treatments to market. This development is particularly significant given the growing global burden of neurodegenerative diseases and the urgent need for effective therapies.
As Clene progresses with its research and development initiatives, the outcomes of its work could have far-reaching implications for patients, healthcare providers, and the broader biotechnology industry. The company's focus on mitochondrial health and neuronal function protection represents a novel approach in the field, potentially opening new avenues for treating previously intractable neurological conditions.
Curated from InvestorBrandNetwork (IBN)
