Dr. Lior Shaltiel reports
GROSS PROCEEDS CLOSE OF $4M CAD GENERATED FOR NUREXONE FROM WARRANTS EXERCISE
Nurexone Biologic Inc. has completed a combined exercise and expiration of 12,682,340 common share purchase warrants issued pursuant to a private placement of units that closed on June 15, 2022.
Following the acceleration event, as defined and further detailed in its news release dated Sept. 28, 2023, 9,684,993 warrants were exercised at the cash exercise price of 38 cents, for gross proceeds of $3,680,297, while the remaining 2,997,347 warrants expired unexercised. The company exercised its right to accelerate the expiry date of the warrants in the event that the company's common shares exceeded 47.5 cents for 10 consecutive trading days on the TSX Venture Exchange. Notice was provided to warrantholders that the acceleration event had transpired, resulting in the acceleration of the expiry date to 30 days following the acceleration event.
Furthermore, in addition to the warrants subject to acceleration, the company garnered gross proceeds of $276,591 following the exercise of warrants not under acceleration from two distinct groups:
- 556,818 warrants stemming from a private placement that concluded in September, 2023, with an exercise price of 34 cents;
- 181,818 warrants from another private placement that also wrapped up in September, 2023, featuring an exercise price of 48 cents.
Eran Ovadya, Nurexone's chief financial officer, expressed appreciation to the company's investors, who have demonstrated steadfast confidence in both the company and its ExoPTEN drug, which is being developed for patients with acute spinal cord injuries, "We are pleased to note the exercise of both accelerated and non-accelerated warrants, resulting in gross proceeds of approximately $4-million for the company."
"The new funds received will boost Nurexone's development and commercial efforts, including the engaging of biopharma collaborators for new indications. We are pleased to move closer to realizing our goal of innovative solutions for nerve regeneration for patients in need," stated Dr. Lior Shaltiel, chief executive officer of Nurexone.
About Nurexone Biologic Inc.
Nurexone Biologic is a TSX Venture Exchange-listed pharmaceutical company that is developing a platform for biologically guided exosome-based therapies to be delivered, non-invasively, to patients who have suffered central nervous system injuries. The company's first product, ExoPTEN, for acute spinal cord injury, was proven to recover motor function in 75 per cent of laboratory rats when administered intranasally. ExoPTEN has been granted orphan drug designation by the U.S. Food and Drug Administration (FDA). The NurExone platform technology is expected to offer novel solutions to drug companies interested in non-invasive targeted drug delivery for other indications.
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