- 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
About BioMedWire
BioMedWire (“BMW”) is a specialized communications platform with a focus on the latest developments in the Biotechnology (BioTech), Biomedical Sciences (BioMed)and Life Sciences sectors. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled recognition and brand awareness.
BMW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from BioMedWire, “Biotech” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.BioMedWire.com
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: https://www.BioMedWire.com/Disclaimer
BioMedWire
San Francisco, CA
www.BioMedWire.com
415.949.5050 Office
Editor@BioMedWire.com
BioMedWire is powered by IBN