Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused both on development of inflammation and immunology (“I&I”) biological therapeutic products and provision of boutique CDMO services, has closed on its previously announced exercise of certain outstanding warrants. The exercise involved the purchase of up to 2,606,552 American Depositary Shares (“ADSs”), with each share representing 400 ordinary shares. According to the announcement, the shares had exercise prices ranging from $1.16 to $5 with terms ranging from five and one-half years to three years. The announcement noted that in consideration for the immediate exercise of the warrants for cash, Scinai issued new unregistered warrants to purchase up to 5,213,104 ADSs. With an exercise price of $0.65 per ADS, the new warrants are immediately exercisable and have a term of exercise equal to three years or five and one-half years from the date of issuance. The exercise of warrants resulted in an estimated $1.69 million in gross proceeds for Scinai. The company anticipates using the funds from the offering for general working capital, R&D and general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
To view the full press release, visit https://ibn.fm/PLrJH
About Scinai Immunotherapeutics Ltd.
Scinai Immunotherapeutics is a biopharmaceutical company with two complementary business units: one focused on in-house development of inflammation and immunology (“I&I”) biological products beginning with an innovative, derisked pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs, and the other a boutique CDMO (“CDMO”) providing services to help biotech companies efficiently bring their products to market by leveraging Scinai’s drug-development and GMP and non-GMP manufacturing capabilities for preclinical and clinical studies. For more information, visit the company’s website at www.Scinai.com.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://ibn.fm/SCNI
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