Business
NeuroSense Therapeutics Announces Closing of Initial Public Offering on Nasdaq Capital Market
CAMBRIDGE, Mass., Dec. 13, 2021 /PRNewswire/ -- NeuroSense Therapeutics Ltd., (Nasdaq: NRSN) ("NeuroSense"), a clinical-stage biotechnology company focused on
About this update from Neurosense Therapeutics Ltd.
[{"type":"text","content":"CAMBRIDGE, Mass., Dec. 13, 2021 /PRNewswire/ -- NeuroSense Therapeutics Ltd., (Nasdaq: NRSN) (\"NeuroSense\"), a clinical-stage biotechnology company focused on discovering and developing treatments for patients suffering from debilitating neurodegenerative diseases, such as ALS, Alzheimer's and Parkinson's disease, today announced the closing of its previously announced initial public offering on the Nasdaq Capital Market of 2,000,000 units, each consisting of one ordinary share and a warrant representing the right to purchase one ordinary share with an exercise price of $6.00 per share, at an initial public offering price of $6.00 per unit. In addition, NeuroSense has granted the underwriter a 45-day option to purchase up to 300,000 additional ordinary shares and/or 300,000 additional warrants at the initial public offering price, less underwriting discounts and commissions. The underwriter partially exercised its option and purchased an additional 300,000 warrants, each representing the right to purchase one ordinary share. NeuroSense's ordinary shares and warrants began trading on the Nasdaq Capital Market on December 9, 2021 under the ticker symbols \"NRSN\" and \"NRSNW,\" respectively. Gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $12 million, inclusive of the underwriter's option.\nMaxim Group LLC acted as the sole book-running manager for the offering. \nNeuroSense received net proceeds from this offering of approximately $9.9 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by NeuroSense. NeuroSense intends to use the net proceeds from this offering to advance the clinical development of its lead product candidate, PrimeC, for the treatment of ALS through the completion of a planned Phase IIb trial and the preparation for the initiation of a Phase III clinical trial, for preclinical research and development in support of potential investigational new drug applications for its product candidates targeting Alzheimer's and Parkinson's, and for working capital and general corporate purposes.\nAlon Ben-Noon, NeuroSense's CEO said: \"We are thankful to all the investors that participated in the IPO and of course all of those who supported NeuroSense from the start. Many o...