Polyrizon (NASDAQ: PLRZ), a development stage biotech company specializing in the development of innovative medical device hydrogels, has announced the closing of its underwritten initial public offering of 958,903 units at a combined public offering price of $4.38 per unit. Polyrizon secured aggregate gross proceeds of $4.2 million, prior to deducting underwriting discounts and offering expenses. In addition, PLRZ has granted Aegis Capital Corp. a 45-day option to purchase up to 143,835 additional units, equal to 15% of the number of ordinary shares sold in the offering, solely to cover over-allotments, if any. If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment are expected to be approximately $4.82 million. Aegis acted as the sole book-running manager for the offering. Greenberg Traurig acted as counsel to the company and Sichenzia Ross Ference Carmel LLP 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. Its 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. The company 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.
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