Silexion Therapeutics Secures $1.8 Million from Warrant Exercise
Silexion Therapeutics Secures $1.8 Million from Warrant Exercise
Cayman Islands, — Silexion Therapeutics Corp. (NASDAQ: SLXN), a pioneering clinical-stage biotechnology company focused on developing RNA interference (RNAi) therapies for KRAS-related cancers, has recently completed significant agreements for the immediate exercise of outstanding warrants. This transaction allows the company to acquire up to a total of 152,106 ordinary shares at a reduced exercise price of $11.57 per share.
The exercise of these warrants is projected to bring the company roughly $1.8 million in gross proceeds. After accounting for placement agent fees and associated expenses, these funds will enhance Silexion’s financial base. The anticipated completion of this offering is set for early August, following the fulfillment of customary closing conditions.
Impact of the Warrant Exercise
As part of this exercise, Silexion Therapeutics will also issue new unregistered warrants allowing the purchase of an additional 304,212 ordinary shares. These new warrants will be priced at $11.32 per share and will become exercisable upon the effective approval of increased authorized shares from shareholders. This maneuver extends over a two-year term, ensuring Silexion has the necessary capital to fuel its innovative research and development efforts.
Use of Proceeds
The funds raised from this offering will be allocated towards essential working capital to support various corporate activities. By securing these funds, Silexion aims to strengthen its operational capabilities as it continues to explore new frontiers in cancer treatment.
About Silexion Therapeutics
Silexion Therapeutics stands at the forefront of oncology-focused solutions, innovating RNAi therapies designed to combat solid tumors that stem from KRAS mutations, which are prevalent in various cancers. The firm’s flagship product, LODER™, has advanced through Phase 2 trials, demonstrating potential efficacy for non-resectable pancreatic cancer patients. Furthermore, Silexion is developing its next-generation siRNA candidate, SIL-204, which targets a wider array of KRAS mutations and shows strong promise based on preclinical testing.
Commitment to Oncology Innovation
With a steadfast dedication to advancing therapeutic innovations, Silexion Therapeutics envisions improved outcomes for patients grappling with challenging cancers. Their focus on pioneering technologies is geared towards transforming the landscape of cancer treatment.
Company Contact Information
For more information about Silexion Therapeutics and their ongoing projects, interested parties can reach out:
Contact:
Silexion Therapeutics Corp
Ms. Mirit Horenshtein Hadar, CFO
Email: mirit@silexion.com
Capital Markets & IR Contact:
Arx | Capital Market Advisors
North American Equities Desk
Email: silexion@arxadvisory.com
Frequently Asked Questions
What is the main purpose of the warrant exercise?
The primary goal is to raise funds for enhancing operational capacity and supporting ongoing research in RNAi therapies.
How much money does Silexion Therapeutics expect to raise?
They expect to secure approximately $1.8 million from the exercise of warrants.
What will the funds be used for?
The proceeds will be used for working capital and general corporate purposes, which include funding research efforts.
What is the significance of the new warrants issued?
The new warrants allow for the purchase of additional shares which can provide further funding in the future as the company grows.
How does Silexion's pipeline look?
Silexion has promising candidates in its pipeline, including LODER™ and the next-generation SIL-204, targeting KRAS mutations in cancers.
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