Beyond Air(R) (NASDAQ: XAIR), a commercial-stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide (“NO”) to improve the lives of patients suffering from respiratory illnesses, neurological disorders and solid tumors, has entered into a securities purchase agreement. The agreement is with healthcare-focused institutional investors and accredited investors, including certain directors and officers of the company. According to the agreement, investors have agreed to purchase 9,638,556 shares of the company’s common stock and warrants at a purchase price of $1.66 per share and accompanying warrant, resulting in gross proceeds of approximately $16 million, before standard deductions of fees and expenses. The company anticipates using the funds from the offering for commercial sales development, research, working capital and other general corporate purposes. “The warrants have an exercise price of $2.25 per share, will be exercisable immediately upon issuance and will have a term of three years following the date of issuance,” stated the press release. “The company can call the warrants if it reports equal to or greater than $4.5 million of net sales for the quarter ending March 31, 2025, which will require exercise within 10 business days. The closing of the offering is expected to occur on or about March 22, 2024, subject to the satisfaction of customary closing conditions.”
To view the full press release, visit https://ibn.fm/ovGrX
About Beyond Air Inc.
Beyond Air is a commercial-stage, medical-device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (“NO”) to improve the lives of patients suffering from respiratory illnesses, neurological disorders and solid tumors. The company has received FDA approval for its first system, LungFit(R) PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. Beyond Air is currently advancing its other revolutionary LungFit systems in clinical trials for the treatment of severe lung infections such as viral community-acquired pneumonia, including COVID-19, and nontuberculous mycobacteria (“NTM”) among others. The company has also partnered with the Hebrew University of Jerusalem to advance a preclinical program dedicated to the treatment of autism spectrum disorder (“ASD”) and other neurological disorders. Additionally, Beyond Cancer Ltd., an affiliate of Beyond Air, is investigating ultra-high concentrations of NO with a proprietary delivery system to target certain solid tumors in the preclinical setting. For more information about the company, visit www.BeyondAir.net.
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