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Longeveron Inc. Announces Closing of a $20.5 Million Private Placement
MIAMI, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN) ("Longeveron" or "Company"), a clinical stage biotechnology company developing
About this update from Longeveron Inc.
[{"type":"text","content":"MIAMI, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN) (\"Longeveron\" or \"Company\"), a clinical stage biotechnology company developing cellular therapies for chronic aging-related and life-threatening conditions, today announced the closing of its previously announced private placement of common stock and warrants. The Company sold approximately 1.17 million shares of its common stock and 1.17 million warrants to purchase 1.17 million shares of common stock. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $17.50 per share. The warrants will expire five years from the date of issuance. The purchase price for one share of common stock and one corresponding warrant will be $17.50. The gross proceeds to the Company from the private placement are estimated to be approximately $20.5 million before deducting the placement agent's fees and other estimated offering expenses. Longeveron intends to use the net proceeds from the private placement to support the ongoing clinical development of Lomecel-B, the Company’s lead investigational product, which is currently being evaluated as a potential therapeutic for Hypoplastic Left Heart Syndrome, Aging Frailty Alzheimer’s Disease and other diseases. In addition, the Company plans to use the proceeds to fund additional research and development, product development, and for general and administrative purposes. EF Hutton, a division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering. The shares of common stock and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the warrants. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or juris...