Clene Announces Closing of $7.3 Million Registered Direct Offering and Concurrent Private Placements and Amendment of Debt Facility
Investment led by healthcare-focused institutional investor with participation from SymBiosis; founding investor Kensington Capital Holdings; Clene's Chairman of the Board of Directors, Chief Executive Officer and Chief Scientific Officer and Founder; along with support from several other previously existing shareholders
$7.3 million registered direct offering and concurrent private placements priced at market under Nasdaq rules
Amended debt facility with Avenue Venture Opportunities Fund, L.P. in conjunction with financing
Aggregate financing, including amendment to debt facility, expected to be sufficient to fund Company into the first quarter of 2025, including a face-to-face meeting with the FDA to discuss the potential to file a new drug application under the accelerated approval pathway for CNM-Au8®, a catalytically active gold nanocrystal suspension
SALT LAKE CITY, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Clene Inc. (NASDAQ:CLNN) (along with its subsidiaries, "Clene") and its wholly-owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurological diseases, including amyotrophic lateral sclerosis (ALS) and multiple sclerosis (MS), today announced the closing of a registered direct offering and concurrent private placements (collectively, the "offering") of common stock and warrants with a healthcare-focused institutional investor and existing shareholders, including insiders, with total gross proceeds of $7.3 million and the potential for additional capital in the future through the exercise of warrants.
Additionally, Clene announced the amendment of its existing debt facility with Avenue Venture Opportunities Fund, L.P. ("Avenue") in which the parties agreed to reduce or defer future monthly principal payments and extend the principal amortization period and maturity date into the first half of 2025.
The offering was led by a healthcare-focused institutional investor with participation from SymBiosis; founding investor Kensington Capital Holdings; Clene's Chairman of the Board of Directors, Chief Executive Officer and Chief Scientific Officer and Founder; along with support from several other previously existing shareholders.
The offering, combined with the amendment to the debt facility with Avenue, is expected to enable the Company to fund its operations into the first quarter of 2025. This funding enables runway for key inflection points, including the face-to-face meeting with the United Stated Food and ...
