Scinai Immunotherapeutics (NASDAQ: SCNI), 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, has closed on a registered direct offering of 1,146,552 of the company’s American Depositary Shares (“ADSs”). According to the announcement, each ADS represented four hundred ordinary shares offered at $1.16 per ADS (or ADS equivalent). The announcement noted that SCNI also issued unregistered warrants in a concurrent private placement comprised of up to 1,146,552 ADSs representing ordinary shares. The warrants have an exercise price of $1.16 per ADS and are immediately exercisable for five and one-half years. The registered direct offering resulted in an estimated $1.33 million before deductions and expenses. The company plans to use the net proceeds for general working capital, R&D, and general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
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About Scinai Immunotherapeutics Ltd.
Scinai Immunotherapeutics 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 along with 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, or 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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