Artelo Biosciences Secures $1.425 Million Financing for Growth
Artelo Biosciences Secures $1.425 Million Financing for Growth
Artelo Biosciences, Inc. (Nasdaq: ARTL), based in Solana Beach, is concluding an agreement for an At-the-Market private placement, aiming to generate approximately $1.425 million in gross proceeds. This clinical-stage pharmaceutical company focuses on innovations that modulate lipid-signaling pathways to develop vital treatments for individuals dealing with severe conditions such as cancer, pain, and other neurological or dermatological issues.
Details of the Private Placement Agreement
Under the new agreement, Artelo plans to issue a total of 136,844 shares of common stock alongside 93,179 pre-funded warrants. Additionally, accompanying warrants will allow the purchase of 460,046 shares at $5.82 each and a further 230,023 shares at $10.00 each. This financing seeks to bolster Artelo's capabilities, covering crucial upcoming clinical data announcements regarding its innovative products, ART26.12 and ART27.13.
Funding Utilization and Strategic Goals
The capital raised will significantly support the company in advancing two critical studies that are set to expose new clinical data. As part of this initiative, Artelo intends to allocate $250,000 from the proceeds for purchasing the cryptocurrency SOL, with the remainder directed toward general operational expenses and addressing related fees. This strategic maneuver reflects Artelo's commitment to enhancing its financial position while expanding its clinical portfolio.
Registration and Regulatory Compliance
It is noteworthy that the securities issued as part of this private placement will not be registered under the Securities Act of 1933 and consequently cannot be resold within the United States unless they meet specific exemptions or undergo registration. Artelo has committed to file the necessary registration statement to facilitate the resale of these securities, ensuring compliance and transparency within the market.
About Artelo Biosciences
Founded with the vision to address significant medical challenges, Artelo Biosciences is dedicated to developing innovative therapeutics designed to influence lipid signaling pathways. The company is progressing a selection of product candidates that target various conditions such as anorexia, oncology, anxiety, and inflammatory disorders. With leadership from experienced biopharmaceutical professionals and collaboration with renowned researchers, Artelo is leveraging scientific advancement to deliver impactful therapies.
Frequently Asked Questions
What is the purpose of the $1.425 million financing?
The financing aims to support upcoming clinical data announcements and enhance general operational funds.
How many shares and warrants is Artelo issuing?
Artelo will issue 136,844 shares of common stock and 93,179 pre-funded warrants, alongside additional purchase warrants.
What does the company plan to do with the funds raised?
Funds will be used for clinical trials, operational expenses, and a portion will be allocated for purchasing cryptocurrency.
Is the private placement registered?
No, the securities sold in this offering are unregistered and can't be resold in the U.S. unless they meet certain conditions.
Who can I contact for more investor relations information?
Investor relations can be reached at Crescendo Communications, LLC, via phone at 212-671-1020 or through email at ARTL@crescendo-ir.com.
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