Promis Neurosciences has launched a registered direct offering priced at-the-market under Nasdaq rules, aiming to raise approximately $0.8 million in gross proceeds. The company said the offering will involve the sale of over 4.4 million common shares and warrants to purchase the same number of additional shares.
According to Promis Neurosciences, each common share and accompanying warrant were sold at $0.18 per share. The warrants are immediately exercisable, with an exercise price of $0.18 per share, and will expire five years from the issuance date.
The company stated the offering is expected to close around July 24, subject to customary closing conditions. Promis Neurosciences plans to use the net proceeds for working capital and general corporate purposes, including advancing its research pipeline.
The company is focused on developing antibody therapies for Alzheimer’s disease and other neurodegenerative disorders. According to Promis Neurosciences, its lead therapeutic candidate targets misfolded proteins associated with disease progression, aiming to offer a more selective approach compared to current treatments.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. Promis Neurosciences did not disclose further financial details about potential future funding rounds or partnerships.
