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Beyond Air® Announces $30 Million of Committed Capital in Previously Reported Beyond Cancer™ Private Placement
Beyond Air® retains 80% equity ownership of Beyond Cancer™, reaching the maximum allowable allotment of committed capital GARDEN CITY, N.Y., Nov. 18, 2021
About this update from Beyond Air, Inc.
[{"type":"text","content":"Beyond Air® retains 80% equity ownership of Beyond Cancer™, reaching the maximum allowable allotment of committed capital\nGARDEN CITY, N.Y., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical company focused on developing inhaled nitric oxide (NO) for the treatment of patients with respiratory conditions, including serious lung infections and pulmonary hypertension, and ultra-high concentration nitric oxide (UNO) for the treatment of solid tumors, today announced that $30 million in commitments have been secured in a private placement of common shares for its private affiliate, Beyond Cancer. Transaction DetailsBeyond Cancer has secured commitments of $30.0 million in a private placement of common shares, providing these investors with a 20% equity ownership. The funding is expected to be used to accelerate ongoing preclinical work including the completion of IND-enabling studies, completion of a Phase 1 human study, expansion of preclinical programs for combination studies, hiring of additional Beyond Cancer team members, and optimization of the delivery system, as well as for general corporate purposes. The transaction is expected to close later this quarter. The common shares to be sold in the private placement have been offered only to certain institutional and/or accredited investors in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The common shares have not been registered under the Securities Act or any state or other securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The Securities and Exchange Commission has not passed upon the merits of or given its approval to the common shares, the terms of the private placement or the accuracy or completeness of any private placement materials. The common shares sold in the private placement are subject to legal and contractual restrictions on transfer. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlaw...