Business
Entera Announces Closing of Private Placement
BOSTON and JERUSALEM, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Entera Bio Ltd. (NASDAQ: ENTX) (the “Company” or “Entera”), a global innovator in drug delivery
About this update from Entera Bio Ltd.
[{"type":"text","content":"BOSTON and JERUSALEM, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Entera Bio Ltd. (NASDAQ: ENTX) (the “Company” or “Entera”), a global innovator in drug delivery platforms, announced today it has closed a private placement offering (the “Offering”) with a select group of accredited investors, including certain board members or their affiliates (the “Purchasers”), under which it received gross proceeds of $11.8 million from the sale of 4,982,301 ordinary shares, par value NIS 0.0000769 per share at a price of $2.37 per share (the “Shares”). In addition, the Company has granted the Purchasers and certain finders an aggregate of 2,693,573 three-year warrants to purchase up to an additional 2,693,573 ordinary shares at an exercise price between $2.37 and $2.96 per share (the “Warrants” and together with the Shares, the “Securities”).\n The Company also entered into a registration rights agreement with the Purchasers, pursuant to which within 7 months of the closing, subject to certain customary extensions, the Company shall file a registration statement on Form F-3 with the Securities and Exchange Commission for the resale of the Shares issued in the Offering (including those issued upon exercise of the Warrants) or other additional securities of the Company, as the Company finds necessary and in its sole discretion. The net proceeds received from the Offering (after deducting finders fees, legal fees and expenses) shall be used for the completion of the Company’s ongoing Phase 2 clinical trial for oral PTH in Osteoporosis, the filing of an IND for the Osteoporosis program, ongoing development efforts to further develop additional compounds and finalize the Company’s formulations for its Hypoparathyroidism clinical candidate and general and administrative expenses to, among other things, support the Company’s public listing and registration statement, in each case, as such use of proceeds may be amended, at the discretion of the Company’s board of directors from time to time. The Securities issued to the Purchasers in the Offering were issued pursuant to an exemption from registration under the Securities Act of 1933 (the “Securities Act”). The Securities have not been and will not be registered under the Securities Act or any state or other jurisdiction's securities laws and may not be offered or sold in the United States absent registration...