Polyrizon (NASDAQ: PLRZ), a biotech company specializing in innovative intranasal hydrogels, has closed its previously announced private placement of approximately $17.0 million ordinary shares and/or pre-funded and investor warrants at a price of $0.48 per ordinary unit. The company secured approximately $17.0 million in aggregate gross proceeds from the offering and intends to use the net, together with its existing cash, for general corporate purposes and working capital. Aegis Capital Corp. acted as exclusive placement agent for the private placement. Greenberg Traurig, P.A. acted as counsel to the company, and Kaufman & Canoles, P.C. acted as counsel to Aegis.
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About Polyrizon Ltd.
Polyrizon is a development stage biotech company specializing in the development of innovative medical device hydrogels delivered in the form of nasal sprays, which form a thin hydrogel-based shield containment barrier in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue. Polyrizon’s proprietary Capture and Contain TM, or C&C, hydrogel technology, comprised of a mixture of naturally occurring building blocks, is delivered in the form of nasal sprays, and potentially functions as a “biological mask” with a thin shield containment barrier in the nasal cavity. Polyrizon is further developing certain aspects of its C&C hydrogel technology such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. Polyrizon refers to its additional technology, which is in an earlier stage of pre-clinical development, that is focused on nasal delivery of active pharmaceutical ingredients, or APIs, as Trap and Target(TM), or T&T. For more information, please visit https://polyrizon-biotech.com.
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