Scinai Immunotherapeutics (NASDAQ: SCNI) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases. The company today announced its entry into a definitive agreement for the purchase and sale of 1,146,552 of the company’s American Depositary Shares (“ADSs”) (or ADS equivalents), each ADS representing 400 ordinary shares, at a purchase price of yesterday’s closing price of $1.16 per ADS (or ADS equivalent), in a registered direct offering. In addition, the company will issue unregistered warrants to purchase up to 1,146,552 ADSs representing ordinary shares in a concurrent private placement. The warrants will have an exercise price of $1.16 per ADS and will be immediately exercisable upon issuance for a 5 1/2-year period. The gross proceeds to Scinai from the offering are expected to be approximately $1.33 million, of which it intends to use net proceeds for general working capital, research and development, and general corporate purposes. Subject to the satisfaction of customary conditions, the closing is expected to occur on or about Sept. 19, 2023. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
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About Scinai Immunotherapeutics Ltd.
Scinai is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases. With a state-of-the-art facility for biopharmaceutical product development and manufacturing and highly experienced pharmaceutical industry leadership, Scinai offers end-to-end boutique CDMO services in parallel to developing its own pipeline of diversified and commercially viable products and platforms beginning with an innovative nanosized VHH antibody (“NanoAb”) pipeline targeting diseases with large unmet medical needs. For more information, visit the company’s website at www.Scinai.com.
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