Business
Longeveron Announces Closing of Private Placement of up to $30 Million
$15 million upfront with a milestone-driven potential additional $15 million related to the Company’s anticipated pivotal clinical trial in Hypoplastic Left
About this update from Longeveron Inc.
[{"type":"text","content":"$15 million upfront with a milestone-driven potential additional $15 million related to the Company’s anticipated pivotal clinical trial in Hypoplastic Left Heart Syndrome (HLHS) priced at the market under Nasdaq rules Private placement led by Coastlands Capital with participation from Janus Henderson Investors and other healthcare focused fundsInitial proceeds extend cash runway into 4Q26, past the anticipated pivotal Phase 2b ELPIS II clinical trial 3Q26 topline data readout MIAMI, March 11, 2026 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN), a clinical stage biotechnology company developing cellular therapy for life-threatening, rare pediatric and chronic aging-related conditions, today announced the closing of its previously announced private placement for up to approximately $30 million in gross proceeds, priced at-the-market under Nasdaq rules. The net proceeds from the initial tranche of the financing are expected to fund the Company’s current operating plans into the fourth quarter of 2026, past the anticipated pivotal Phase 2b ELPIS II clinical trial 3Q26 topline data readout. The private placement was led by Coastlands Capital, with participation from Janus Henderson Investors, along with Logos Capital and Kalehua Capital, for total gross proceeds in the initial closing of approximately $15 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement. At the initial closing, the Company issued 6,013,384 shares of its Class A common stock at a purchase price of $0.52 per share and, in lieu of Class A common stock, shares of the Company’s Series A Non-Voting Convertible Preferred Stock (the “Preferred Shares”), convertible into an aggregate of 22,832,770 shares of Class A common stock, at a purchase price $1,000 for each Preferred Share. The Preferred Shares have a conversion price of $0.52 per share and are immediately convertible upon issuance. The Company will be eligible to receive up to an additional approximately $15 million in gross proceeds in exchange for shares of Class A common stock and Preferred Shares, subject to achieving certain milestone-driven conditions related to the results of the Company’s Phase 2b ELPIS II clinical trial in HLHS and share price. Additionally, at the initial closing, the Company agreed to sell to the investors an interest in 50% of proceeds re...