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Kiora Pharmaceuticals Enters Into Agreements to Raise $3.12 Million From the Exercise of Previously Issued Class A Warrants
Salt Lake City, Utah--(Newsfile Corp. - November 18, 2022) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") announced today it has
About this update from Kiora Pharmaceuticals, Inc.
[{"type":"text","content":"Salt Lake City, Utah--(Newsfile Corp. - November 18, 2022) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) (\"Kiora\" or the \"Company\") announced today it has entered into warrant inducement offer letters to raise $3.12 million in gross proceeds from the exercise of 654,609 Class A warrants issued in the Company's public offering from July 2022.\nOn November 17, 2022, the Company reduced the exercise price of all Class A warrants from $8.00 per share to $4.77 per share. On such date, Kiora also entered into warrant inducement offer letters with certain investors pursuant to which the investors' immediately exercised 654,609 Class A Warrants at the reduced exercise price of $4.77, and the Company issued to such investors new warrants to purchase 100% of the shares exercised pursuant to the Class A Warrants. Such new warrants will, among other terms, become exercisable six months after issuance, have an exercise price of $5.97 and a term of 18 months from their initial exercise date. The exercise of the Class A warrants is expected to result in gross proceeds to the Company of $3.12 million.\nThe Class A Warrants were registered pursuant to a registration statement on Form S-1 and were issued pursuant to an Underwriting Agreement dated as of July 22, 2022. The new warrants and the shares underlying the New Warrants are unregistered and are being issued in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933 (the \"Securities Act\").\nLadenburg Thalmann & Co. Inc. acted as the exclusive warrant inducement agent.\nAbout Kiora Pharmaceuticals\nKiora Pharmaceuticals is a clinical-stage biotechnology company developing and commercializing products for the treatment of ophthalmic diseases. KIO-301 is being developed for the treatment of retinitis pigmentosa. It is a molecular photoswitch that has the potential to restore vision in patients with inherited and/or age-related retinal degeneration. KIO-101 is being developed for the treatment of the Ocular Presentation of Rheumatoid Arthritis (\"OPRA\"). It is a next-generation, non-steroidal, immuno-modulatory and small molecule inhibitor of Dihydroorotate Dehydrogenase (\"DHODH\") with what Kiora believes is best-in-class picomolar potency and a validated immune modulating mechanism (blocks T cell proliferation and proinflammatory cytokine release) designed to over...