Silo Pharma Secures $2.5 Million in Direct Stock Offering
Silo Pharma Secures $2.5 Million in Direct Stock Offering
In a significant step towards expanding its biopharmaceutical operations, Silo Pharma, Inc. (Nasdaq: SILO) has successfully completed a registered direct offering that raised approximately $2.5 million. This funding will play a crucial role in advancing the company's mission to develop innovative drug delivery systems and novel formulations for both traditional and psychedelic treatments.
Details of the Direct Offering
The offering involved the sale of 2,857,143 shares of common stock at a price of $0.875 per share. Alongside this, the company also issued unregistered warrants, allowing the purchase of an additional 2,857,143 shares at an exercise price of $0.75 per share. These warrants are immediately exercisable and have a five-year expiration period effective from the issue date.
Placement Agent Role
H.C. Wainwright & Co. played a key role as the exclusive placement agent during this offering, facilitating the successful transaction and supporting Silo Pharma in its fundraising endeavors.
Utilization of Proceeds
The net proceeds from this offering will primarily be allocated to working capital, which is critical for the company's ongoing projects and general corporate purposes. This strategic move reflects Silo’s commitment to fostering innovation and addressing medical needs through its research and development pipeline.
About Silo Pharma
Silo Pharma is a pioneering company that focuses on addressing significant unmet needs in the biopharmaceutical industry. With an emphasis on therapies for stress-induced psychiatric disorders, chronic pain, and central nervous system (CNS) diseases, the company has positioned itself at the forefront of therapeutic innovation. Its product candidates, including SPC-15 for PTSD and SP-26 for fibromyalgia, highlight its commitment to developing effective solutions for challenging health conditions.
Research Collaborations
Silo Pharma collaborates with leading academic institutions and research laboratories, allowing it to leverage cutting-edge technologies and insights. This collaborative approach enhances the quality and scope of its research initiatives, driving advancements in therapeutic strategies.
Commitment to Innovation
As Silo Pharma continues to evolve, its dedication to innovation remains steadfast. The company is also exploring the potential synergies between traditional pharmaceuticals and modern therapeutic approaches, particularly in its pipeline targeting Alzheimer’s disease and multiple sclerosis.
Contact Information
To learn more about Silo Pharma or inquire about investment opportunities, interested parties can reach out via the contact details provided. The company is dedicated to maintaining transparent communication with investors and stakeholders.
Frequently Asked Questions
What is Silo Pharma focused on?
Silo Pharma focuses on developing innovative drug delivery systems and formulations targeting various medical conditions, including psychiatric disorders and chronic diseases.
How much did Silo Pharma raise in its direct offering?
The company raised approximately $2.5 million through its registered direct offering.
Who acted as the placement agent for the offering?
H.C. Wainwright & Co. was the exclusive placement agent for Silo Pharma's direct offering.
What will the proceeds be used for?
The proceeds from the offering will primarily be used for working capital and general corporate purposes, supporting the company's ongoing projects.
How can I contact Silo Pharma?
Interested parties can contact Silo Pharma by phone at 800-705-0120 or via email at investors@silopharma.com.
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