Business
Entera Bio Announces Closing of Private Placement - Extends Cash Runway into 2025
JERUSALEM, Dec. 26, 2023 (GLOBE NEWSWIRE) -- Entera Bio Ltd. (NASDAQ: ENTX), (“Entera” or the “Company”) a leader in the development of orally delivered
About this update from Entera Bio Ltd.
[{"type":"text","content":"JERUSALEM, Dec. 26, 2023 (GLOBE NEWSWIRE) -- Entera Bio Ltd. (NASDAQ: ENTX), (“Entera” or the “Company”) a leader in the development of orally delivered peptides and therapeutic proteins, announced that, on December 22, 2023, it closed a private placement with certain existing and new investors. The Company issued and sold 7,916,879 units at a price of $0.835 per unit, each consisting of one ordinary share of Entera (or one pre-funded warrant in lieu thereof), and one five-year warrant. Gross proceeds to Entera, before offering expenses, were approximately $6.6 million, extending the Company’s cash runway into 2025. The five-year warrants to purchase one ordinary share at an exercise price of $1.00 per ordinary share, representing a 41% premium to the Nasdaq closing price per ordinary share on Wednesday, December 20, 2023. If all warrants were exercised for cash, Entera would be entitled to receive additional proceeds of approximately $7.9 million. The Company intends to use the net proceeds from the private placement for general working capital purposes. Network 1 Financial Securities Inc. (as consulted by Intuitive Venture Partners) acted as lead placement agent for the private placement. The offer and sale of the foregoing securities were made in a private placement pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), and such securities have not been registered under the Securities Act or applicable state securities laws. The securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Entera Bio Entera is a clinical stage company focused on developing oral peptide or protein replacement therapies for significant unmet medical needs where an oral tablet form holds the potential to transform the standard of care. The Company levera...