Business
Entera Bio Announces the Completion of $14.3 million Private Placement
BOSTON and JERUSALEM, Dec. 18, 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. 18, 2019 (GLOBE NEWSWIRE) -- Entera Bio Ltd. (NASDAQ: ENTX) (the “Company” or “Entera”), a global innovator in drug delivery platforms, announced today that it increased the size of and completed its previously announced private placement offering (the “Offering”) with a select group of accredited investors (the “Purchasers”), bringing the anticipated aggregate gross proceeds to $14.3 million from the sale of an aggregate of 6,047,693 ordinary shares, par value NIS 0.0000769 per share (the “Shares”) at a price of $2.37 per share. In addition, as part of the offering, the Company has granted the Purchasers and certain finders an aggregate of 3,300,637 three-year warrants to purchase up to an additional 3,300,637 ordinary shares at an exercise price between $2.37 and $2.96 per share (the “Warrants” and together with the Shares, the “Securities”).\n “We are pleased that we were able to attract a strong group of healthcare investors who share our vision for the long-term success of Entera. We expect that the net proceeds from this Offering will provide the Company operating cash to execute on our key initiatives well into the first quarter of 2021. The Company is planning to use these proceeds to complete our Phase 2 study of EB613 in Osteoporosis, with 3-month results anticipated in mid-2020, complete our planned IND submission of EB613, and advance our other internal R&D programs,” stated Adam Gridley, Chief Executive Officer. “In addition, this funding will provide us the strength to identify other potential business development collaborations using our proprietary platform technology. We thank our new and current investors for their strong interest in the Offering, and the shared belief in the future of our oral delivery platform.” The final closing of the Offering is expected to include gross proceeds of $0.8 million from D.N.A Biomedical Solutions Ltd. (“DNA”), an existing shareholder in the Company, subject to customary closing conditions and the approval of the Company’s shareholders. The net proceeds received from the Offering and from the closing of the transaction with DNA, assuming shareholder approval (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...