GRI Bio Secures $5 Million from Successful Public Offering
GRI Bio Completes $5 Million Public Offering
GRI Bio, Inc. (NASDAQ: GRI) is thrilled to announce the successful closing of its public offering, raising approximately $5.0 million in gross proceeds. This biotechnology company specializes in innovative Natural Killer T (NKT) cell modulators for addressing inflammatory, fibrotic, and autoimmune diseases.
Details of the Offering
The offering included an impressive issuance of 1,388,888 shares of common stock along with various Series Warrants, which have the potential to increase the gross proceeds to about $13.3 million if fully exercised. Each Series E-1 warrant allows the purchase of shares at an exercise price of $3.20, becoming instantly exercisable on issue. The offering price was set at $3.60 per share with terms structured to provide investors with robust options.
Role of H.C. Wainwright & Co.
H.C. Wainwright & Co. acted as the exclusive placement agent, ensuring a streamlined process for this financing. Their expertise in managing public offerings significantly assisted GRI Bio in reaching its funding goals, crucial for continuing the development of its promising therapies.
Allocation of Proceeds
The funds raised are earmarked for advancing GRI Bio's product candidates, enhancing its working capital, and supporting general corporate purposes. The company's primary focus remains its lead program, GRI-0621, an oral therapeutic targeting idiopathic pulmonary fibrosis, among other investigational therapies aimed at various autoimmune conditions.
About GRI Bio, Inc.
GRI Bio is dedicated to revolutionizing the treatment landscape for inflammatory and autoimmune disorders. With a unique focus on NKT cells, which bridge innate and adaptive immune functions, their therapies aim to halt disease progression and restore balance to the immune system. The company’s innovative pipeline showcases numerous proprietary compounds, with over 500 unique formulations geared towards addressing significant clinical needs.
Future Aspirations and Research
With ongoing research into novel type 2 diverse NKT agonists for systemic lupus erythematosus, GRI Bio is positioning itself as a leader in providing solutions for patients with debilitating conditions. Their commitment to cutting-edge science and patient-centered development is evident in their strategic initiatives and product pipeline.
Investor Relations
For those interested in learning more about GRI Bio and its offerings, investor relations remain a priority. The company encourages potential investors and interested parties to reach out through their contact channels to obtain further information. This includes inquiries about their product development strategies and financial outlook as they navigate growth in the biotechnology sector.
Frequently Asked Questions
What is GRI Bio's main focus?
GRI Bio primarily focuses on developing therapies targeting inflammatory and autoimmune diseases through innovative NKT cell modulation.
How much did GRI Bio raise in the public offering?
The company successfully raised approximately $5 million through its latest public offering, with potential additional funds if the Series Warrants are exercised.
What role did H.C. Wainwright & Co. play?
H.C. Wainwright & Co. served as the exclusive agent for the public offering, facilitating the entire process for GRI Bio.
What will the proceeds be used for?
The net proceeds from the offering are intended for product candidate development, general corporate needs, and boosting working capital for ongoing operations.
What is GRI-0621?
GRI-0621 is GRI Bio's lead program, an oral therapeutic being developed to address idiopathic pulmonary fibrosis, showing promise in treating serious medical conditions with unmet needs.
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