Dr. Lior Shaltiel reports
NUREXONE ANNOUNCES CLOSING OF A PRIVATE PLACEMENT FOR GROSS PROCEEDS OF APPROXIMATELY CAD$2 MILLION
Nurexone Biologic Inc. has closed a non-brokered private placement. An aggregate of 7,091,993 units of the company were issued and sold under the private placement at a price of 28 cents per unit for aggregate proceeds of $1,985,758.04.
Each unit consists of (i) one common share in the capital of the company, and (ii) one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 35 cents per common share for a period of 36 months from the closing of the private placement.
The warrants are subject to accelerated expiration whereby if the daily volume-weighted average trading price of the common shares on the TSX Venture Exchange for any period of 20 consecutive trading days equals or exceeds 80 cents, the company may, upon providing written notice to the holders of the warrants, accelerate the expiry date of the warrants to a date not less than 30 days following the date of the acceleration notice. If the warrants are not exercised by the applicable accelerated expiry date, the warrants will expire and be of no further force or effect.
All securities issued under the private placement are subject to a statutory hold period of four months and one day from the closing of the private placement. The private placement is subject to final approval of the TSX-V. The company intends to use the proceeds of the private placement for working capital purposes.
Dr. Lior Shaltiel, Nurexone chief executive officer, stated: "We are truly honoured to receive the support of our investors, who have placed their trust in Nurexone's technology and exceptional team. Despite the challenging times in the markets, the fact that we have successfully raised a significant investment demonstrates the strong confidence and trust that the investment community and bio-tech professionals have in Nurexone. As we embark on the journey of 2024, we remain committed to advancing the development of our unique assets and eagerly anticipate brighter days ahead."
"The company intends to use the proceeds of the private placement for advancing the development activities of the company's assets, with a particular focus on progressing towards the clinical phase. Additionally, we plan to leverage these funds to expand the company's intellectual property portfolio and support various general corporate purposes," said Eran Ovadya, chief financial officer of Nurexone.
About Nurexone Biologic Inc.
Nurexone Biologic is a TSX-V-listed pharmaceutical company developing a platform for biologically guided ExoTherapy using exosomes as a next-generation drug delivery system. The company's first product, ExoPTEN, is aimed at neural regeneration and recovery in patients who have suffered acute spinal cord injury. Notably, ExoPTEN has received orphan drug designation by the Food and Drug Administration highlighting its potential significance for these patients. The company holds an exclusive worldwide licence from the Technion and Tel Aviv University for the development and commercialization of the technology.
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