Clene Inc. Secures $7.3 Million Through Direct Stock Offerings
Clene Inc. Secures Financial Boost Through Direct Offerings
Clene Inc. (Nasdaq: CLNN) is making headlines with its recent announcement of a $7.3 million registered direct offering. This initiative comes as the company focuses on advancing its proprietary therapies aimed at enhancing mitochondrial health and treating neurologic conditions.
Details of the Offering
On this auspicious occasion, Clene revealed that it has entered a securities purchase agreement with a healthcare-focused institutional investor to issue and sell 742,626 shares of its common stock. In lieu of standard shares, pre-funded warrants will also be available. This registered direct offering is priced at $4.713 per share, compliant with Nasdaq regulations.
Warrants Included
Each share comes with a warrant, allowing investors to purchase an equal number of shares at an exercise price of $4.82. These warrants, immediately exercisable, carry a five-year expiration profile, making them an attractive option for potential investors looking to capitalize on Clene's growth.
Concurrent Private Placements
In conjunction with the registered offering, Clene executed private placements with different groups, including existing shareholders classified as Current Investors and the company’s directors and officers, referred to as Affiliated Investors. The Current Investors purchased 681,469 shares, identical to the terms set for the Healthcare Investor.
Engagement with Affiliated Investors
The Affiliated Investors acquired 122,819 shares under a similar structure. The aim is to encourage all stakeholders of Clene to play a significant role in its clinical development journey.
Financial Implications and Future Directions
The gross proceeds from these offerings are projected to reach approximately $7.3 million, which Clene will leverage alongside existing cash reserves to bolster corporate operations. This funding will also directly support the clinical development of their lead drug candidate, CNM-Au8.
Research and Development Focus
Clene Inc. is committed to utilizing these resources for ongoing clinical trials, future commercialization strategies, and vital regulatory activities tied to their investigational therapies. The company’s flagship drug candidate, CNM-Au8, represents a pioneering approach in treating neurological disorders.
Final Offer Details
Canaccord Genuity is engaged as the sole placement agent for the total offerings. The anticipated close of these transactions is set for shortly, pending customary closing conditions. Clene aims to fulfill the requirements of a shelf registration statement filed previously with the SEC for these offerings.
Transparency and Accessibility
Investors interested in the securities must be aware that while Clene promotes their offerings, they adhere strictly to all regulatory requirements. They are responsible for ensuring any shares sold are compliant with the respective laws.
About Clene Inc.
Clene Inc., alongside its wholly owned subsidiary Clene Nanomedicine Inc., is engaged at the cutting edge of clinical development for therapies targeted at neurodegenerative diseases including ALS and MS. Their innovative approach, particularly with CNM-Au8, sets Clene apart in the biopharmaceutical industry. Clene Inc. is integrated into both research and manufacturing within the United States.
Contact Information
For media inquiries, individuals may reach out to Ignacio Guerrero-Ros, Ph.D., or David Schull at Russo Partners, LLC. Their contact information is Ignacio.guerrero-ros@russopartnersllc.com or David.schull@russopartnersllc.com. For investor relations, Kevin Gardner from LifeSci Advisors can be contacted via kgardner@lifesciadvisors.com.
Frequently Asked Questions
What is the amount raised by Clene Inc. through the offerings?
Clene Inc. raised approximately $7.3 million through their recent offerings.
Who are the key investors in this offering?
The offerings included investments from a healthcare-focused institutional investor, existing shareholders, and Clene’s directors and officers.
What will the funds be used for?
The funds will support the clinical development of their lead drug candidate, CNM-Au8, and other corporate needs.
When is the expected close for the offerings?
The transactions are expected to close soon, pending the completion of customary closing conditions.
What is CNM-Au8?
CNM-Au8 is Clene's investigational therapy designed to improve mitochondrial function and protect neuronal health.
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