- Scinai Immunotherapeutics recently announced the closing of a registered direct offering, raising $1.33 million in gross proceeds
- The company intends to use the net proceed from the offering for, among others, research and development
- On its R&D agenda is the development and commercialization of novel innovative NanoAbs targeting a wide range of diseases with known and validated antibody drug targets
- This strategic approach is expected to shorten development timelines, reduce the budgetary requirements, and increase probability of drug approval
- The company has also expanded into the CDMO business to plug an existing gap in the market, raising recurring revenue as a result
Biopharmaceutical company Scinai Immunotherapeutics (NASDAQ: SCNI) recently raised $1.33 million in gross proceeds from its previously announced registered direct offering of 1,146,522 of its American Depositary Shares (“ADSs”) (or ADS equivalents), which closed September 19. Moreover, in a concurrent private placement, the company issued unregistered warrants to purchase up to 1,146,522 ADSs representing ordinary shares. Each ADS represents 400 ordinary shares and was available at a purchase price of $1.16 per ADS (or ADS equivalent). Scinai intends to use the net proceeds from the offering for, general working capital, general corporate purposes, and research and development (“R&D”) (https://ibn.fm/ccWGG).
The company, which is focused on developing, manufacturing, and commercializing biological products for the treatment of autoimmune and infectious diseases, has in the recent past directed its R&D efforts toward the development and eventual commercialization of novel, innovative alpaca-derived nanosized…
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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