Business
Elutia Announces Full Exercise of Warrants Generating $15.7 Million in Gross Proceeds
SILVER SPRING, Md., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Elutia Inc. (Nasdaq: ELUT) (“Elutia” or the “Company”), a pioneer in drug-eluting biomatrix products,
About this update from Elutia, Inc.
[{"type":"text","content":"SILVER SPRING, Md., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Elutia Inc. (Nasdaq: ELUT) (“Elutia” or the “Company”), a pioneer in drug-eluting biomatrix products, today announced that it had received gross proceeds of approximately $15.7 million from the exercise of outstanding warrants to purchase common stock issued in a private placement financing completed in September 2023. “The cash proceeds from these warrant exercises significantly strengthen Elutia’s balance sheet and provide us with a solid financial foundation for the launch of EluPro®, the world’s first FDA-cleared antibiotic-eluting BioEnvelope,” said Dr. Randy Mills, Elutia’s Chief Executive Officer. “The additional capital provided by existing investors reflects the substantial shareholder value the Company has created over the course of the last year. I want to thank the entire Elutia CRU for their tireless efforts in support of our mission to humanize medicine so patients can thrive without compromise.” Pursuant to the previously announced private financing, Elutia sold an aggregate of 7,355,869 shares of the Company’s common stock (or pre-funded warrants) and 11,033,804 warrants to purchase common stock (or pre-funded warrants) at a price of $1.4275 per share and associated warrants (less $0.001 in the case of pre-funded warrants). Each common stock purchase warrant was exercisable at $1.4275 per share. All non-pre-funded common stock warrants issued in the private placement have been exercised. Lake Street Capital Markets, LLC was the exclusive placement agent for the transaction. The offer and sale of the foregoing securities were made in a transaction not involving a public offering, and their issuance was not registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. The securities were issued in a private placement exempt from the Securities Act. The securities issued in the private placement may not be offered or resold in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy Elutia securities in any jurisdiction, nor shall there be any sale of Elutia securities in any state in which such offer or sale woul...